#USA #San Diego #Class Action #Robbins LLP #Customers Bancorp

Overview

In recent news, Robbins LLP has informed investors about a class action lawsuit involving Customers Bancorp, Inc. (ticker: CUBI). The action relates to investors who purchased or obtained securities of the company between March 1, 2024, and August 8, 2024. This lawsuit raises crucial issues concerning the bank's compliance with anti-money laundering regulations.

Allegations

The class action highlights that the company allegedly failed to disclose the inadequacy of its anti-money laundering (AML) practices, exposing its investors to considerable regulatory risk. According to the legal complaint, the problems at Customers Bancorp began to surface publicly when the company's CFO was dismissed for cause on April 12, 2024, which resulted in a nearly 5% drop in the stock price shortly after.

Furthermore, on August 8, 2024, the Federal Reserve publicly stated that it had identified significant deficiencies in the bank's risk management policies and compliance with relevant laws and regulations regarding AML practices. This revelation led to an additional significant stock price decline of approximately 15%.

Later that same day, Customers Bancorp revealed it had entered into a consent order with the Pennsylvania Department of Banking and Securities, which identified several deficiencies in the company's operations. The order raised concerns regarding the bank's engagement in unsafe banking practices related to the Bank Secrecy Act and AML requirements.

What Investors Should Do

Investors who were adversely affected by the situation have the opportunity to participate in this class action lawsuit. Those interested in being lead plaintiffs must submit their applications to the court by January 31, 2025. Acting as a lead plaintiff involves representing the interests of other class members during the litigation process. Importantly, you do not need to actively engage in the case to be eligible for a recovery; opting out will still classify you as an absent class member.

Assembly of shareholder groups is critical as the impact of this issue could extend for some time. For those seeking to recover losses incurred due to the alleged mismanagement at Customers Bancorp, participation in this class action could be an essential step.

About Robbins LLP

Robbins LLP is a distinguished law firm recognized for its commitment to advocating for shareholder rights. Unlike many firms that simply announce class actions, Robbins LLP has substantial experience in litigating securities class actions effectively. The firm has been committed to aiding shareholders in reclaiming losses and improving corporate governance since its establishment in 2002, having recovered over $1 billion on behalf of its clients.

For further details or inquiries about participating in the lawsuit, investors can contact attorney Aaron Dumas, Jr. at Robbins LLP directly. The firm assures all representation is contingent upon case outcomes, meaning no upfront costs will be incurred by shareholders.

As the situation surrounding Customers Bancorp unfolds, shareholders are encouraged to stay informed and consider their options carefully. To keep updated on the progress of the class action or to receive notifications about other similar cases, interested individuals are invited to sign up for Stock Watch, a free service offered by Robbins LLP.