NEW YORK, Nov. 30, 2017 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Triangle Capital Corporation (“Triangle Capital” or the “Company”) (NYSE: TCAP) of the January 22, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Triangle Capital stock or options between May 7, 2014 and November 1, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/TCAP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Triangle Capital common stock between May 7, 2014 and November 1, 2017 (the “Class Period”). The case, Dagher v. Triangle Capital Corporation, et al., No. 1:17-cv-09102 was filed on November 21, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) as early as 2013, Triangle Capital had internally recommended moving away from mezzanine loan deals due to changes in the market; (ii) the Company’s former Chief Executive Officer, Garland Tucker, had ignored the aforementioned recommendation; (iii) that the Company’s entire vintage of 2014 and 2015 investments were at substantial risk of non-accrual as a result of the poor quality of the investments and deficient underwriting practices; (iv) more than 13% of Triangle Capital’s investment portfolio at cost was at risk of non-accrual; (v) Triangle Capital had understated the number of loans performing below expectations and/or in non-accrual and had delayed writing down impaired investments; (vi) Triangle Capital failed to implement effective underwriting policies and practices; and (vii) as a result of the aforementioned, Triangle Capital’s business, prospects and ability to maintain its dividend level were materially impaired.
Specifically, on August 2, 2017, Triangle Capital announced its financial results for the quarter ended June 30, 2017, revealing, in part, that the amount of full non-accrual assets in the Company’s portfolio had increased to 5.4% and 2.5% as a percentage of the