Banc of California (BANC) Provides Update Regarding Short Sellers' Instablog

October 19, 2016 10:01 AM EDT

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Banc of California, Inc. (NYSE: BANC) today announced that Seeking Alpha commented on a previous financial blog post regarding the Company.

At 8:54 a.m. ET, Seeking Alpha admitted, "This item was posted as an instablog, which is not subject to editorial approval." Four minutes later, Seeking Alpha posted an update to the story, acknowledging that a government investigation "showed the shady Jason Galanis fabricated his connections to bank CEO Steven Sugarman's COR Capital."

Additionally, Bloomberg noted relating to allegations contained in the instablog, "An FBI agent said in a separate court filing that some or all of the claims were false."

The Board of Directors of Banc of California will provide additional information as appropriate.

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