(NewMediaWire) - December 05, 2024 - Kaplan Fox & Kilsheimer LLP informs investors that a securities class action has been filed against Customers Bancorp, Inc. (CUBI) (“Customers Bancorp” or the “Company”) (NYSE: CUBI) on behalf of investors that purchased or otherwise acquired Customers Bancorp securities between March 1, 2024 and August 8, 2024.If you are a Customers Bancorp investor and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On April 12, 2024, after the market closed, the Company disclosed that its Executive Vice President and Chief Financial Officer, Carla Leibold, was terminated on April 10, 2024 “for ‘cause’” under her employment agreement for violating Company policy. Ms. Leibold “disputed the Company’s characterization of her separation from the Company.”
On this news, the price of Customers Bancorp stock fell $2.40 per share, nearly 5%, to close at $46.62 per share on April 15, 2024.
On August 8, 2024, the Federal Reserve Board announced the execution of an enforcement action with Customers Bancorp and Customers Bank (owned and controlled by Customers Bancorp), stating that the most recent examinations and inspection “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. . . .”
Following this news, the price of Customer Bancorp stock price fell $7.22 per share, over 13%, to close at $47.01 per share on August 8, 2024.
The complaint alleges that throughout the Class Period, the Defendants made false and misleading statements and/or failed to disclose that Customers Bancorp had inadequate anti-money laundering practices and, as a result, it was not in compliance with its legal obligations, which subjected the Company to heightened regulatory risk.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
