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") (NASDAQ: FBNC).
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.
Request more information now by clicking here:
www.faruqilaw.com/FBNC . There is no cost or obligation to
you.
Take Action
If you currently own First Bancorp stock and would like to
discuss your legal rights, please visit
www.faruqilaw.com/FBNC. 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.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
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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