SAN FRANCISCO, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Customer Bancorp is now the target of a securities class action, alleging that the company and certain of its top executives misled investors about its anti-money laundering practices and compliance with federal regulations.
Hagens Berman urges Customers Bancorp, Inc. (NYSE: CUBI) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
Class Period: Mar. 1, 2024 – Aug. 8, 2024
Lead Plaintiff Deadline: Jan. 31, 2025
Visit: www.hbsslaw.com/investor-fraud/CUBI
Contact the Firm Now: CUBI@hbsslaw.com
844-916-0895
Customers Bancorp, Inc. (CUBI) Securities Class Action:
The complaint contends that Customers Bancorp misrepresented its financial health and business prospects by concealing material information regarding its risk management and compliance deficiencies.
The alleged misconduct began to come to light on April 12, 2024, with the abrupt dismissal of the company’s CFO, Carla Leibold, for undisclosed policy violations. This news sent the price of Customers Bancorp shares almost 5% lower the next day.
Then, on August 8, 2024, Customers Bancorp attached an agreement with the Federal Reserve Bank of Philadelphia (“Reserve Bank”) to its quarterly filing. The agreement recited that the Reserve Bank “identified significant deficiencies related to [Customers] Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering” and “regulations issued by the Office of Foreign Assets Control of the United States Department of the Treasury[.]”
This news drove the price of Customers Bancorp shares over 13% lower that day.
“We believe that investors were misled by Customers Bancorp’s false and misleading statements,” said Reed Kathrein, a partner at Hagens Berman, the law firm representing the investors. “We are investigating whether the company’s management knew about these issues and failed to disclose them to the public.”
If you invested in Customers Bancorp and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Customers Bancorp case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Customers Bancorp should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CUBI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
