Faruqi & Faruqi, LLP investigates claims on behalf of Bancor By Investing.com client investors
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in Customers Bancorp (NYSE: ) to contact him directly to discuss their options
If you have suffered losses greater than $75,000 Customers Bancorp between March 1, 2024 and August 8, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 12, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Customers Bancorp, Inc . (“Customers Bancorp” or the “Company” “) (NYSE: CUBI) and reminds investors to The deadline is January 31, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Faruqi & Faruqi 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 inception in 1995. See www.faruqilaw.com.
As set forth below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) that Bancorp customers had inadequate anti-money laundering practices; ; (2) as a result, it was not in compliance with its legal obligations, which exposed it to increased regulatory risk; and (3) as a result, the defendants’ statements about the business, operations and prospects of Customers Bancorp were materially false and misleading and/or lacked a reasonable basis at all times. When the true details came to market, the lawsuit alleges, investors suffered damages.
On August 8, 2024, during market hours, the Federal Reserve Board issued a statement titled “Federal Reserve Board Issues Foreclosure with Customers Bancorp, Inc. and Customers Bank.” Attached to the release is a written agreement between the Federal Reserve Bank of Philadelphia, Customers Bancorp, Inc. and Customers Bank.
The agreement stated “the most recent examination and inspection [Customers Bancorp and Customers Bank] conducted by the Federal Reserve Bank of Philadelphia [. . .] identified significant deficiencies in the Bank’s risk management practices and compliance with applicable anti-money laundering (“AML”) laws, rules and regulations, including the Bank Secrecy Act [. . .]including rules and regulations issued by the US Treasury Department [. . .]and the AML requirements of Regulation H of the Board of Directors [of the Federal Reserve System] [. . .]; and regulations issued by the Office of Foreign Assets Control of the United States Department of the Treasury[.]”
Following this news, Customers Bancorp common stock fell 13.3% on August 8, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, which is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any 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 absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about the conduct of Bancorp customers to contact the company, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/236779
