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Banking & Finance

Feds Investigating NCino Employment Practices Under Antitrust Laws

By Cece Nunn, posted Feb 25, 2021
Wilmington-based banking software firm nCino (Nasdaq: NCNO) is under federal investigation, according to a recent SEC filing.

The Form 8-K filed with the SEC by the firm Wednesday stated that the company "and certain of its officers and other employees were served with grand jury subpoenas wherein the Antitrust Division of the Department of Justice is seeking documents and information in connection with an investigation of the Company’s hiring and wage practices under US federal antitrust laws."

The filing stated that nCino, headquartered at 6770 Parker Farm Drive in Wilmington, is fully cooperating with authorities. Company officials had no further comment Thursday other than what was in the filing, said nCino spokeswoman Natalia Moose in an email.
 
"Previously, the Company received a letter from a law firm representing one individual seeking to resolve potential civil antitrust claims against the Company and Live Oak Bank, a business based in Wilmington, North Carolina, relating to an alleged unlawful agreement not to solicit or hire certain employees," the filing stated. 

On Thursday, as part of its annual report filed with the SEC, Live Oak officials disclosed, "On December 15, 2020, the Company [Live Oak] received a letter from a law firm representing an individual claiming that the Company sought to restrain the mobility of employees in violation of antitrust laws by agreeing not to solicit or hire certain employees. In the letter, the individual threatens to assert claims against the Company and others on a class-action basis. No complaint has yet been filed."

Live Oak officials had no other comment when reached Thursday.

The nCino filing went on to say, "Although there can be no assurance with respect to the outcome of these matters, the Company believes its hiring and wage practices do not violate antitrust laws.

"In addition, the Company does not presently believe any of the foregoing will have a material adverse effect on its day-to-day operations or the quality of the services, products or innovation it continues to provide to its customers."

nCino, which boasts more than 1,200 customers and employs more than 900 people, was founded in late 2011, spun off from Live Oak Bank.

Plans were filed in late January for construction of another 90,000-square-foot office building adjacent to nCino's current headquarters building.
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