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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Urges Investors Suffering Losses Over $75,000 From Customers Bancorp (NYSE:) To Contact Him Directly To Discuss Their Options.
If you have a loss of more than $75,000 per Customers Bancorp between March 1, 2024 and August 8, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 5, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Customers Bancorp, Inc . (“Customers Bancorp” or the “Company”) (NYSE: CUBI) and reminds investors of January 31, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Customers Bancorp e had inadequate anti-spending mechanisms; (2) as a result, it did not comply with its legal obligations, which posed a high regulatory risk; and (3) as a result, the defendants’ statements about Customers Bancorp’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all times. When the real facts entered the market, the lawsuit alleges that investors were harmed.
On August 8, 2024, during market hours, the Federal Reserve Board of Governors issued a notice entitled “Federal Reserve Board Issues Enforcement Actions with Customers Bancorp, Inc. and Customers Bank.” Included in the announcement was a written agreement between the Federal Reserve Bank of Philadelphia, Customers Bancorp, Inc., and Customers Bank.
The agreement stated that “recent audits and inspections of (Customers Bancorp and Customers Bank) conducted by the Federal Reserve Bank of Philadelphia (. . . .) have identified significant deficiencies related to the Bank’s risk management practices.” and to comply with laws, applicable laws, and regulations related to anti-money laundering (“AML”), including the Bank Secrecy Act (. . .), including rules and regulations issued thereunder by the Department of US Treasury (. . .), and the AML requirements of Regulation H of the Board of Governors (of the Federal Reserve System) (. . . ); Treasury (.)”
In this news, Customers Bancorp common stock is down 13.3% as of August 8, 2024.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Customers Bancorp’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Advertising Attorney. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Preliminary results do not guarantee or predict the same result on any future issue. We welcome the opportunity to discuss your matter. All communications will be held confidentially.
To view the source version of this release, please visit https://www.newsfilecorp.com/release/236005
