#United States #New York #Class Action #Customers Bancorp #Pomerantz LLP

Pomerantz Law Firm Issues Shareholder Alert

Pomerantz LLP has recently announced a class action lawsuit against Customers Bancorp, Inc. (NYSE: CUBI), urging investors who have suffered losses to take action. This case raises concerns about potential securities fraud committed by the company and certain officers and directors.

As reported, shareholders who acquired Customers Bancorp securities during the specified class period are invited to contact Danielle Peyton of Pomerantz LLP for further details. Those interested should include their mailing address, phone number, and the number of shares purchased when inquiring via email at [email protected].

Class Action Background

The class action has arisen following several disclosures by Customers Bancorp that raised alarm among investors. Notably, on April 12, 2024, the company disclosed the termination of its CFO, Carla A. Leibold, on grounds that she violated company policy. This news prompted a notable drop in stock value, falling $2.40, or 4.89%, to close at $46.62 the following trading day.

Further concerns grew following a press release from the Federal Reserve on August 24, 2024. They issued an enforcement action against Customers Bancorp, citing significant deficiencies in the bank's risk management practices and compliance with anti-money laundering laws. Investors reacted swiftly to this information, resulting in a $7.22 drop, or 13.31%, in share price to $47.01.

The situation worsened after another disclosure on August 8, 2024, regarding a consent order from the Commonwealth of Pennsylvania’s Department of Banking and Securities. This order addressed compliance risks related to managing digital asset services and anti-money laundering regulations. The announcement led to a decrease in the stock price by $1.08, closing at $45.93 on August 9.

Next Steps for Affected Shareholders

The firm has emphasized that shareholders have until January 31, 2025, to apply for lead plaintiff status in this class action. Those considering this action would do well to review the complaint thoroughly and stay alert for updates. Further information about the lawsuit and the procedure to join can be found on Pomerantz's website, www.pomerantzlaw.com.

Pomerantz LLP possesses a long-standing reputation in corporate, securities, and antitrust class litigation, having recovered billions for victims of securities fraud and misconduct. Founded over 85 years ago by Abraham L. Pomerantz, the firm continues to uphold his legacy by advocating for shareholders and victims of corporate wrongdoing.

In this rapidly evolving situation, consumers and investors must remain vigilant. Stay connected with Pomerantz for potential developments regarding this case and to protect your interests as a shareholder in Customers Bancorp, Inc.

Conclusion

The upcoming deadlines and implications of the class action against Customers Bancorp present a pivotal moment for shareholders to engage proactively. Those affected by the company's recent actions should not hesitate to reach out and seek representation—to ensure their rights are upheld in this significant legal challenge.