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RBB Bancorp (RBB) Departures and Leaves of Absence of Key Executives Case
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- In February 2022 RBB Bancorp (RBB) announced the departure of four of its key executives and a pending internal investigation.
- On it, $RBB fell 10.5%, losing $51M+ of shareholder value.
- Investors may have grounds to suspect that RBB Bancorp hid the business setbacks behind its executives’ departures, which led to their losses.
On February 18, 2022, RBB Bancorp announced the departure of its Executive VP and Chief Lending Officer of its wholly owned subsidiary Royal Business Bank. Then, on February 22, 2022, it announced that its President and CEO would be taking a leave of absence, effective immediately, pending an internal investigation.
On this news, $RCM fell 10.5% and lost over $51 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that RBB failed to timely disclose its business setbacks, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
22 February 2022