Faruqi & Faruqi LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 at Bancorp (NYSE:) clients to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Bancorp clients Between March 1, 2024 and August 8, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 25, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Bancorp, Inc. clients. (“Bancorp Clients” or the “Company”) (NYSE: CUBI) and reminds investors of January 31, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Bancorp's clients did not have adequate anti-money laundering practices; (2) as a result, it was not in compliance with its legal obligations, exposing it to high regulatory risks; and (3) as a result, Defendants' statements about Bancorp's clients' business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims, investors suffered damages.
On August 8, 2024, during market hours, the Federal Reserve Board of Governors issued an announcement titled “Federal Reserve Issues Enforcement Actions with Customers Bancorp, Inc. and Customers Bank.” This announcement is accompanied by a written agreement between the Federal Reserve Bank of Philadelphia and Customers Bancorp, Inc. and Customers Bank.
The agreement stated that “the most recent screenings and inspections of (Bancorp’s clients and Customer Bank) conducted by the Federal Reserve Bank of Philadelphia (…) identified significant deficiencies related to the Bank’s risk management practices and compliance with applicable laws, rules, and anti-money laundering regulations ( “AML”), including the Bank Secrecy Act (.. .), including the rules and regulations promulgated thereunder by the U.S. Department of the Treasury (.. .), and the anti-money laundering requirements contained in Regulation H issued by the Board of Governors (of the Reserve System Federal Reserve (…) and regulations issued by the Office of Foreign Assets Control of the US Department of the Treasury (.)”
On this news, Customers Bancorp's common stock fell 13.3% on August 8, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the conduct of Bancorp's clients to contact the firm, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234567
