syntax error near unexpected token `(' (possible bash bug)

Maybe I've just triggered an error in bash's parser, but before filing a bugreport I wan't to ask anyways, maybe I'm just getting blind and it's not a bash bug after all ...

This is the script (ok, stripped down version of the actual one):

$ cat bash-parse-error.1.sh
#! /bin/sh

echo "$(
    if false
    then
            exit 0
    fi

    # echo "("
    case FOO in
            FOO)
                    echo "("
                    ;;
    esac
)"
$ ./bash-parse-error.1.sh
./bash-parse-error.1.sh: line 12: syntax error near unexpected token `('
./bash-parse-error.1.sh: line 12: `                 echo "("'

Now, If I de-comment the extra echo command, the script works as you would expect, printing two opening parenthesises:

$ cat bash-parse-error.2.sh
#! /bin/sh

echo "$(
    if false
    then
            exit 0
    fi

    echo "("
    case FOO in
            FOO)
                    echo "("
                    ;;
    esac
)"
$ ./bash-parse-error.2.sh
(
(

Alternatively, removing the if-false-then-exit block (doing whatever I want with the commented out echo command) will make the error go away as well:

$ cat bash-parse-error.3.sh
#! /bin/sh

echo "$(
    case FOO in
            FOO)
                    echo "("
                    ;;
    esac
)"
$ ./bash-parse-error.3.sh
(

So, is it me or is it bash?

/edit: a) no workaround needed, already got one, thx anyways

b) #! /usr/bash obviously exhibits same problem, because

c) versions tested: 4.3.33(1) and 4.3.39(1)