First NBC Bank Holding in New Orleans has delayed the release of its 10-Q, after it discovered an accounting error.
The $4.1 billion-asset company, which has not yet released second-quarter earnings, did not provide an estimated release date for its 10-Q.
The error is related to accounting for certain of First NBC's investments in tax credit entities, the company said in a regulatory filing. First NBC said it and its auditors will assess how the errors affect its second-quarter earnings and historical financial statements; and its overall internal control over financial reporting.
First NBC did not specify how the errors were made. The company did not respond to requests for comment.
After First NBC announced the delay of its filing, the law firm Block & Leviton said it will investigate whether the company violated securities laws, attorney Steven Harte said in an interview.
"If First NBC did violate the federal securities laws, it could have many implications including an award of money damages to harmed investors," Harte said.
Three additional law firms also issued news releases announcing investigations of First NBC's delay.