Investor Alert: Robbins LLP Informs Investors of the Customers Bancorp, Inc. Class Action
SAN DIEGO, Dec. 4, 2024 /PRNewswire/ -- Robbins LLP informs investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Customers Bancorp, Inc. (NYSE: CUBI) securities between March 1, 2024 and August 8, 2024. Customers Bancorp is a bank holding company.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Customers Bancorp, Inc. (CUBI) Failed to Disclose its Inadequate Anti-Money Laundering Practices
According to the complaint, during the class period, defendants failed to disclose that Customers Bancorp had inadequate anti-money laundering practices, and as a result, was not in compliance with its legal obligations, which subjected it to heightened regulatory risk.
The complaint alleges that on April 12, 2024, the Company announced its CFO had been fired for "cause" for violating company policy. On this news, the price of Customers Bancorp stock fell almost 5%, to close at $46.62 on April 15, 2024.
The complaint continues that on August 8, 2024, the Federal Reserve announced that it had "identified significant deficiencies related to the Bank's risk management practices and compliance with the appliable laws, rules, and regulations relating to anti-money laundering ("AML")…" On this news, the price of Customers Bancorp stock fell approximately 15%.
Then, on August 8, 2024, the Company disclosed it had entered into a consent order with the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Bank Supervision, which identified deficiencies that "give the Bureau reason to believe that the Bank had engaged in unsafe or unsound banking practices relating to BSA/AML Requirements[.]" On this news, the Company's price fell further.
What Now: You may be eligible to participate in the class action against Customers Bancorp, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by January 31, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
To be notified if a class action against Customer Bancorp Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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SOURCE Robbins LLP
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