Ongoing Legal Investigation into Customers Bancorp
Faruqi & Faruqi, LLP, a reputable national law firm specializing in securities litigation, has announced an ongoing investigation related to potential claims on behalf of investors in Customers Bancorp, Inc. This inquiry particularly focuses on those who purchased or acquired securities in the company between March 1, 2024, and August 8, 2024. With a pressing deadline of January 31, 2025, for investors to assume the role of lead plaintiff in a federal class action lawsuit, quick action is advised for those affected.
Details of the Investigation
The firm’s Securities Litigation Partner, James (Josh) Wilson, has actively encouraged investors who have faced any financial losses due to their investments in Customers Bancorp to reach out and discuss their available legal options. Interested parties can contact Josh Wilson at either 877-247-4292 or 212-983-9330 (Ext. 1310) for further details.
Faruqi & Faruqi is recognized for recovering substantial amounts for investors, notably since its establishment in 1995. The allegations in the unfolding complaint pertain to the assertion that Customers Bancorp and its executives violated federal securities laws. Allegations indicate that misleading statements were made while failing to disclose certain critical information regarding the company's operations and compliance with legal obligations, particularly concerning anti-money laundering practices.
Allegations Against Customers Bancorp
The complaint outlines several specific issues:
1.
Inadequate Anti-Money Laundering Practices: It is reported that the bank did not adhere adequately to compliance requirements, thereby increasing regulatory risks.
2.
Misleading Statements: Claims suggest that the company's public communications about its business operations and future prospects contained significant inaccuracies, which were later proven to be materially false or misleading.
3.
Investors' Losses: Following a notable announcement by the Federal Reserve Board regarding enforcement actions against Customers Bancorp, stock prices fell sharply by 13.3% on August 8, 2024, thus intensifying the crisis for investors.
Timeline of Events
On August 8, 2024, amidst trading hours, the Federal Reserve publicized significant deficiencies in Customers Bancorp's risk management and anti-money laundering protocols. These findings emerged from the Federal Reserve Bank of Philadelphia's recent examinations, which revealed the company's failure to comply with applicable laws concerning financial oversight, including the Bank Secrecy Act and other related regulations.
The legal implications surrounding these findings are profound. Investors are urged to consider their options seriously, with the opportunity to lead the class action potentially granting them a pivotal position in the evolving legal landscape.
Next Steps for Affected Investors
Individuals who believe they may be entitled to participate in this legal action should not hesitate to explore the consequences of such allegations. The ability to join the lawsuit is not influenced by a decision to lead. Investors can either step forward as lead plaintiffs or remain as members of the class without jeopardizing their recovery options. Furthermore, those with pertinent information related to Customers Bancorp's actions or misrepresentation, including whistleblowers, former employees, and shareholders, are encouraged to contact Faruqi & Faruqi.
To learn more about the ongoing investigation and class action details, visit
www.faruqilaw.com/CUBI or reach out to Josh Wilson for personalized legal counsel. Regular updates are also provided via their social media platforms on LinkedIn, X, and Facebook.
This advertisement serves to inform individuals of their rights and opportunities with utmost confidentiality and professionalism. Faruqi & Faruqi, LLP remains dedicated to advocating for affected investors while upholding their commitment to ethical practices in the legal domain.