Robbins LLP Urges Customers Bancorp Investors with Heavy Losses to Join Class Action Litigation

Robbins LLP Class Action Alert for Customers Bancorp, Inc. Investors

In a recent announcement, Robbins LLP is reaching out to investors of Customers Bancorp, Inc. (NYSE: CUBI) who have experienced significant financial losses. A class action lawsuit has been initiated on behalf of shareholders who purchased or acquired Customers Bancorp securities during the period from March 1, 2024 to August 8, 2024. This legal action arises from serious allegations surrounding the company's compliance with anti-money laundering (AML) regulations.

Allegations Against Customers Bancorp

The core issue centers on claims that Customers Bancorp failed to disclose its insufficient anti-money laundering practices, putting the company at an elevated risk of regulatory scrutiny. The shortcomings in their AML measures came to a head when the company's Chief Financial Officer was dismissed for violating company policy on April 12, 2024, resulting in an almost 5% decline in the company's stock price shortly afterward.

Further exacerbating the situation, on August 8, 2024, the Federal Reserve revealed that it had identified significant deficiencies in the bank's risk management strategies and compliance with applicable laws pertaining to AML. This announcement triggered a substantial stock price drop of approximately 15%. In addition, Customers Bancorp was compelled to enter a consent order with Pennsylvania's Department of Banking and Securities, citing unsafe banking practices related to AML compliance, leading to even further declines in the stock.

What Investors Should Do

Investors who have suffered losses during this period may be eligible to participate in the ongoing class action lawsuit. It's crucial for potential lead plaintiffs to submit their application to the court by January 31, 2025. This representative role will involve directing the litigation process on behalf of other affected shareholders. However, please note that participation in the lead plaintiff role is not a prerequisite for claiming recovery if the case settles.

Robbins LLP emphasizes that all representation in this matter is based on a contingency fee basis, which means that shareholders are not required to pay any fees or expenses unless a recovery is achieved. This commitment ensures that shareholders can pursue justice without the burden of upfront legal costs.

About Robbins LLP

Robbins LLP is a prominent law firm that specializes in shareholder rights litigation, actively engaging in class actions to recover losses suffered by investors. Since its establishment in 2002, Robbins LLP has been instrumental in securing over $1 billion for shareholders, helping to enhance corporate governance and hold executives accountable for mismanagement.

If you are interested in receiving updates about class actions against Customers Bancorp, or if you want to be notified of situations involving wrongdoing by corporate executives, consider registering for Stock Watch today.

For further information on this class action, please reach out to Robbins LLP’s attorney, Aaron Dumas, Jr. via email or contact their office at (800) 350-6003 for direct assistance. They remain committed to advocating for the rights of shareholders in today’s complex financial landscape.

Conclusion

The unfolding issues at Customers Bancorp underscore the vital importance of transparency and compliance in corporate governance. As this situation continues to evolve, shareholders are urged to stay informed and consider their legal options as they navigate the implications of these serious allegations against the bank.