CUBI INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Customers Bancorp, Inc. Investors with Substantial Losses Have Opportunity to Lead the Customers Bancorp Class Action Lawsuit

/EIN News/ -- SAN DIEGO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Customers Bancorp, Inc. (NYSE: CUBI) publicly traded securities between March 1, 2024 and August 8, 2024, inclusive (the “Class Period”), have until January 31, 2025 to seek appointment as lead plaintiff of the Customers Bancorp class action lawsuit. Captioned Chang v. Customers Bancorp, Inc., No. 24-cv-06416 (E.D. Pa.), the Customers Bancorp class action lawsuit charges Customers Bancorp and certain of Customers Bancorp’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Customers Bancorp class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-customers-bancorp-inc-class-action-lawsuit-cubi.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Customers Bancorp operates as a bank holding company.

The Customers Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Customers Bancorp had inadequate anti-money laundering practices; and (ii) as a result, Customers Bancorp was not in compliance with its legal obligations, which subjected Customers Bancorp to heightened regulatory risk.

The Customers Bancorp class action lawsuit further alleges that on April 12, 2024, Customers Bancorp announced that CFO, defendant Carla A. Leibold, had been fired for “cause” for violating Customers Bancorp policy. On this news, the price of Customers Bancorp stock fell nearly 5%, according to the complaint. Customers Bancorp subsequently disclosed that Ms. Leibold’s termination was a “separation by mutual agreement,” according to the complaint.

Then, on August 8, 2024, during market hours, the Federal Reserve issued a press release entitled “Federal Reserve Board issues enforcement action with Customers Bancorp, Inc. and Customers Bank,” which attached a written agreement between Customers Bancorp and the Federal Reserve Bank of Philadelphia stating that the Federal Reserve “identified significant deficiencies related to the Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering (‘AML’), including the Bank Secrecy Act,” according to the complaint On this news, the price of Customers Bancorp stock fell more than 15%, according to the Customers Bancorp class action lawsuit.

Finally, the Customers Bancorp class action lawsuit further alleges that on August 8, 2024, after market hours, Customers Bancorp disclosed a consent order by the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Bank Supervision, relating “principally to aspects of compliance risk management, including risk management practices governing digital asset-related services; oversight by the Board of Directors of Customers Bancorp and the Bank; compliance with anti-money laundering regulations under the Bank Secrecy Act; and compliance with the regulations of the Office of Foreign Assets Control,” and further stating that “these deficiencies 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 price of Customers Bancorp stock fell further, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Customers Bancorp publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Customers Bancorp class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Customers Bancorp class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Customers Bancorp class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Customers Bancorp class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        info@rgrdlaw.com