TBBK Misses Restatement Deadline, Faces Nasdaq Non-Compliance Notice Amid Investor Lawsuit

Bancorp Misses Restatement Deadline, Faces NASDAQ Non-Compliance Notice Amid Investor Lawsuit

Tampa, FL – Bancorp, Inc. (NASDAQ: TBBK), a leading provider of banking and financial services, has missed its deadline to restate its financial statements, prompting a non-compliance notice from the NASDAQ stock exchange.

According to regulatory filings, Bancorp was required to restate its financial statements for the years 2019 and 2020 by April 15, 2022. However, the company failed to meet this deadline, citing "unforeseen circumstances" that prevented it from completing the restatement process.

As a result, NASDAQ has issued a non-compliance notice to Bancorp, stating that the company's continued listing on the exchange is contingent upon its ability to restate its financial statements and regain compliance with NASDAQ's listing rules.

This development comes amid an ongoing lawsuit filed by investors against Bancorp, alleging that the company made false and misleading statements about its financial performance. The lawsuit seeks damages for the alleged harm caused to investors as a result of Bancorp's alleged misconduct.

Bancorp has denied any wrongdoing and has vowed to cooperate fully with the investigation.

The missed restatement deadline and NASDAQ non-compliance notice have sent shockwaves through the financial community, with investors and analysts expressing concern about the potential impact on Bancorp's reputation and financial performance.

In a statement, Bancorp's CEO, stated, "We are working diligently to complete the restatement process and regain compliance with NASDAQ's listing rules. We are committed to transparency and will provide regular updates to our stakeholders as we work to resolve this matter."

The company has until May 15, 2022, to address the non-compliance notice and regain its listing on the NASDAQ exchange. Failure to do so could result in the company's shares being delisted.