Triangle Capital Corporation (NYSE: TCAP)
On November 1, 2017, Defendants reported significant credit quality problems with Triangle’s investments and admitted senior management previously ignored internal investment advice to move away from riskier mezzanine structures and into lower yielding, more secure, investments. The revelation appears to contradict earlier statements concerning Triangle’s underwriting and investment valuation practices and drove the price of Triangle shares down $2.57, or about 21%, to close at $9.68 on November 2, 2017.
“We’re focused on the admittedly ignored internal investment advice and undisclosed credit quality issues that, when revealed, significantly damaged investors and may explain why Triangle recently retained an advisor to explore strategic alternatives,” said Hagens Berman partner Reed Kathrein.
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