First Regional Bancorp
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First Regional Bancorp Securities Settlement
The lawsuit was settled for $5.5 million in cash. The following is a summary of the proceedings in this lawsuit: ‘The Action claims that Defendants violated the federal securities laws by misrepresenting or omitting material information about the financial health and operating condition of First Regional and its wholly-owned subsidiary, the Bank, during the Class Period. This Action was commenced on May 5, 2010 with the filing of a Complaint against the Defendants alleging that, during the Class Period, the Defendants violated federal securities laws by misrepresenting the financial and operating condition of First Regional and its wholly-owned subsidiary, the Bank. In the approximately four years since the Action was commenced, the Class Representatives faced motions to dismiss the Action and a motion for summary judgment, all of which were resolved in favor of the Class Representatives except that First Regional former auditor, Deloitte & Touche, LLP, prevailed with respect to its own motion to dismiss. During the pendency of the Action, the Defendants and non-parties produced hundreds of thousands of documents and certain depositions were taken. After the Court granted Plaintiffs motion for certification of the Class on September 12, 2013, the parties renewed earlier discussions with Defendants with regard to a possible settlement of the Action. Ultimately, with the assistance of the Hon. John Leo Wagner, a retired judge acting as mediator, the parties orally reached a negotiated settlement which was subsequently memorialized in the Settlement Agreement.’