#USA #New York #Customers Bancorp #Pomerantz LLP #CUBI

Class Action Lawsuit Against Customers Bancorp, Inc.

In recent developments, Pomerantz LLP has announced the filing of a class action lawsuit targeting Customers Bancorp, Inc. (traded as NYSE: CUBI). This legal action is aimed at shareholders who have incurred losses from their investments in the banking institution. With critical deadlines approaching, affected investors are urged to reach out without delay.

Overview of the Situation

Shareholders who acquired Customers Bancorp securities during the class period may be eligible to join the lawsuit, particularly those impacted by significant declines in stock value. Pomerantz LLP advises these investors to contact Danielle Peyton, whose contact information is available, to take necessary steps to claim their rights as potential class members.

The lawsuit emerges after a series of unfortunate events that led to a decline in stock prices, drawing attention from regulatory authorities. The allegations focus on securities fraud and questionable business practices associated with the bank’s operations. Shareholders are particularly unsettled by recent disclosures regarding the termination of Chief Financial Officer Carla A. Leibold and the subsequent revelations about significant deficiencies related to risk management and compliance.

Timeline of Events

On April 12, 2024, Companies Bancorp disclosed CFO Leibold's dismissal for cause, triggering a notable drop in stock prices. The following market activity saw shares falling by approximately 4.89%, highlighting investor concern regarding corporate governance and internal operations.

In August 2024, the situation deteriorated further when the Federal Reserve issued a public statement detailing enforcement actions against Customers Bancorp, signifying deeper issues within the institution regarding anti-money laundering compliance. This revelation had a catastrophic effect, causing stock prices to plummet an additional 13.31% in value.

Further Implications

Additionally, the Commonwealth of Pennsylvania highlighted compliance risks involving the management and oversight of digital asset services and adherence to banking regulations. Their findings painted a troubling picture and indicated that such deficiencies could be indicative of ongoing unsafe banking practices.

As a result, thousands of shareholders are now looking to act swiftly amidst this turbulent situation. By filing their claims, these investors can work to regain some of the losses they have sustainted, as distinct legal representation aims to facilitate a favorable outcome for the class as a whole.

Individuals Affected Should Act Promptly

Investors who feel they may be affected by the situation are encouraged to act quickly—it is essential to file any claims before the January 31, 2025, deadline to potentially have their voices heard in court as part of the class action.

Pomerantz LLP has established a notable reputation in the sphere of securities law, often representing individuals harmed by corporate fraud and misconduct. Having recovered billions for investors over the firm's extensive operating history, they continue to advocate vigorously for clients’ rights, ensuring transparency and acting against breaches of fiduciary duty that compromise shareholder investments.

For interested shareholders, more information about the lawsuit, including details for joining the class action, can be found on Pomerantz’s official website.

This lawsuit represents a crucial opportunity for affected shareholders of Customers Bancorp to recover their investments. With developments still unfolding, vigilance and timely action are paramount for those hoping to navigate these turbulent waters successfully.