PHILADELPHIA, Dec. 26, 2024 (GLOBE NEWSWIRE) — Nationally recognized law firm Berger Montague PC has informed investors that a lawsuit has been filed against CUSTOMERS BANCORP, INC. (Clients of Bancorp (NYSE:) or the Company) (NYSE: CUBI) dated on behalf of purchasers of securities for BANCORP clients between March 1, 2024 and August 8, 2024including (semester period).
Investors who suffered losses from CUSTOMERS BANCORP (NYSE: CUBI) investments can follow the link below for more information regarding the lawsuit:
Click here To learn more about the lawsuit.
Investors who purchased or acquired securities of BANCORP clients during the Class Period may, no later than January 31, 2025seeks to be appointed as lead plaintiff representative for the class.
Customers Bancorp, headquartered in West Reading, Pennsylvania, is a bank holding company.
On April 12, 2024, Customers Bancorp announced that its CFO, Defendant Carla A. Leibold, had been terminated for violating the Customers Bancorp policy. On this news, Customers Bancorp's stock price fell $2.40 per share “nearly 5%” from a closing price of $49.02 per share on April 12, 2024 to a closing price of $46.62 per share on April 15, 2024.
Then, on August 8, 2024, the Federal Reserve announced an enforcement action against Bancorp's clients. This announcement revealed that the Federal Reserve had taken enforcement action against Bancorp's clients. Identify significant deficiencies Related to the Bank’s risk management practices and compliance with applicable laws, rules and regulations Anti-Money Laundering (“AML”), including the Bank Secrecy Act (“BSA”), According to the complaint.
On this news, Customers Bancorp's stock price fell $7.22 per share, or more than 13%, from a closing price of $54.23 per share on August 7, 2024 to a closing price of $47.01 per share on August 8, 2024.
Shares fell further after market hours On August 8, 2024, Bancorp clients disclosed a consent order from the Commonwealth of Pennsylvania, Banking and Securities Administration, Office of Banking Supervision, stating that these deficiencies give the bureau reason to believe that… The bank engaged in unsafe or improper banking practices related to BSA/AML requirements.
For additional information or to learn how to participate in this lawsuit, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at famner@bm.net, or Click here.
A lead plaintiff is a representative party acting on behalf of all class members in directing the lawsuit. The lead plaintiff is usually the investor or a small group of investors who have the largest financial interest and who are also considered appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead attorneys or the class. However, your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff. Communication with any attorney is not necessary to participate or contribute to any recovery achieved in this case. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an inactive class member.
Berger MontaguWith offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, it was a pioneer in Securities class action lawsuits Since its founding in 1970, Berger Montague has represented individual and institutional investors for more than five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Advisor
Berger Montagu
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montagu computer
famner@bm.net
