NEW YORK, Nov. 22, 2017 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Triangle Capital Corporation (“Triangle Capital” or the “Company”) (NYSE:TCAP) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Triangle Capital securities on the open market from May 7, 2014 through November 1, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) as early as 2013, Triangle Capital’s investment professionals had internally recommended moving away from mezzanine loan deals due to market changes that no longer made these investments attractive risk-reward opportunities; (2) Triangle Capital’s former CEO ignored the advice of Triangle Capital’s investment professionals to chase higher short-term yields by causing Triangle Capital to invest in mezzanine debt; (3) as a result, Triangle Capital’s entire vintage of 2014 and 2015 investments were at substantial risk of non-accrual due to the poor quality of the investments and deficient underwriting practices in place at the time of the investments; (4) consequently, Triangle Capital’s business, prospects, and ability to maintain its dividend level were materially impaired. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the January 22, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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