Press Releases
Notice to All Pacific Capital Bancorp Investors from the Securities Law Firm of Tramont Guerra & Nunez, PA
Coral Gables, Florida September 17, 2009 – The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all investors in Pacific Capital Bancorp(NYSE:PCBC) concerning the class action lawsuit (Case No. 09 CV 06501) filed on September 9, 2009, in the United States District Court Central District of California. The class action lawsuit was filed on behalf of investors in the Pacific Capital Bancorp (“PCBC”) common stock who suffered investment losses. The class action alleges PCBC, “knowingly or recklessly made materially false and misleading statements that led the market to believe the company’s loan loss provision was being maintained at a very high level and would enable the Company to absorb future asset deterioration losses …” In support of these allegations, PCBC admitted on July 30, 2009, that the first quarter loan loss provision was not at an adequate level given the “very high” level of losses and that PCBC had not implemented a “conservative reserve methodology” until the end of the second quarter. Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA) is more effective than a class action for recovery of their investment losses.
Many investors were advised by their financial advisors that an investment in PCBC was a suitable investment for risk adverse investors seeking a stable source of dividend income. In some instances, individuals who followed their financial advisor’s advice maintained concentrated positions in the banking sector, which may have exposed investors to unnecessary and uncompensated risk. Recommendations of unsuitable investments and/or concentrated investments in the financial sector are both causes of action that form the basis for individual securities arbitration claims filed with FINRA.
The Securities Law Firm of Tramont Guerra & Núñez, PA is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for Ben Fernandez, Esquire.
Contact:
Benjamin Fernandez, Esquire
2100 Ponce De Leon Blvd, Penthouse II
Coral Gables, Florida 33431
(800) 578-0137