Hynes Keller & Hernandez, LLC is investigating potential claims against the Board of Directors of Triangle Capital Corporation (“Triangle Capital” or the “Company”) (NYSE: TCAP) concerning possible breaches of fiduciary duty arising from allegations that certain officers and directors of Triangle Capital made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
On November 2, 2017, Triangle Capital announced quarterly results that included a lower-than-projected $0.36 per-share net investment income, and “meaningful write-downs of certain debt investments which previously have been carried below cost.” While the Company’s investment in Passport Food Group (“Passport”) was carried at an 8% premium to par in the previous quarter, it was marked at an 8% discount to par for Triangle Capital’s most recent quarter. The Company cited an unexpected loss in Passport’s product line, resulting in lower sales and overall performance decline. On these disclosures, Triangle Capital’s share price fell $2.57, or 20.98%, to close at 9.68 on November 2, 2017.
Shareholders interested in seeking to recover damages on behalf of TCAP and to implement corporate governance measures designed to prevent future misconduct should contact the firm.
If you hold TCAP shares and you would like to discuss your legal rights, please email the firm at info@hkh-lawfirm.com. You can also contact us by calling Michael J. Hynes at (484) 875-3116 or by sending an e-mail to mhynes@hkh-lawfirm.com.