Berger Montague Advises Investors To Inquire About Securities Fraud Class Action By January 31, 2025 By Investing.com
Philadelphia, Pennsylvania–(Newsfile Corp. – January 9, 2025) – Berger Montague PC informs investors that against Customers Bancorp (NYSE:), Inc . ) (NYSE: CUBI) on behalf of customers Customers Bancorp securities between March 1, 2024 to August 8, 2024, including (“Teaching Period”).
Deadline for Investors: Investors who purchased or acquired CUSTOMERS BANCORP securities during the Class Period may, no later than JANUARY 31, 2025seeks to be appointed lead representative of the class plaintiffs. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.netor CLICK HERE.
Based in West Reading, PA, Customers Bancorp is a bank holding company.
According to the lawsuit, during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Bancorp customers did not have adequate anti-money laundering practices; and (ii) as a result, Customers Bancorp was not in compliance with its legal obligations, which exposed Customers Bancorp to increased regulatory risk.
On April 12, 2024, Customers Bancorp announced that the CFO, defendant Carla A. Leibold, had been terminated for “cause” in violation of Customers Bancorp’s policies. Following the 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 in 2024
Then, on August 8, 2024, the Federal Reserve announced enforcement action against Customers Bancorp. That announcement revealed that the Federal Reserve “identified significant deficiencies relating to the Bank’s risk management practices and compliance with applicable laws, rules and regulations relating to anti-money laundering (‘AML’), including the Bank Secrecy Act [‘BSA’],“according to the complaint.
Following 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 August 2024.
Shares fell further when, after market hours on August 8, 2024, Customers Bancorp released a consent order to the Commonwealth of Pennsylvania, Department of Banking and Securities, Office of Banking Supervision, stating that “these deficiencies give the Office reason to believe that The bank engaged in unsafe or unsound banking practices in relation to BSA/AML requirements.”
Learn more about the lawsuit
The lead plaintiff is the representative party that acts on behalf of all class members in the conduct of the litigation. The lead plaintiff is usually an investor or a small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and those attorneys, if approved by the court, are lead or class counsel. However, deciding whether to be the lead plaintiff does not affect your ability to participate in the recovery. Communication with any attorney is not necessary to participate or participate in any recovery obtained in this case. Each putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class actions since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and serves as general counsel in courts throughout the United States.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/236527
