NEW YORK, April 8, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential wrongdoing at First Bancorp ("First Bancorp" or the "Company") (NYSE: FBP).
The investigation focuses on whether the Company and its officers breached their fiduciary duties by causing or allowing First Bancorp to engage in the improper reporting of related party transactions. The investigation focuses on events described in the Securities & Exchange Commission's ("SEC") Wells Notice sent to First Bancorp in November 2014.
The SEC Wells Notice alleges that First Bancorp failed to disclose certain related party transactions between the Company and certain of its officers during the period from 2009 through 2011. In the letter, the staff of the Commission indicated its preliminary conclusion to recommend that the Commission authorize the staff to file an enforcement action against the Company for violations of Exchange Act Sections 13(a) and Rules 13a-1 and 13a-15 thereunder. In telephone conversations, the staff indicated at least six instances of what it believes are failures to disclose related party transactions in accordance with relevant rules, and has also indicated that it believes the Company failed to maintain adequate disclosure controls and procedures and failed to maintain adequate internal controls over financial reporting.
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Take Action
If you currently own First Bancorp stock and would like to discuss your legal rights, please visit www.faruqilaw.com/FBP. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to sguber@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding First Bancorp's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
101 Greenwood Avenue Suite 600
Jenkintown, PA 19046
Attn: Stuart Guber
sguber@faruqilaw.com
Telephone: (215) 277-5770
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