Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Customers Bancorp To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 in Customers Bancorp between March 1, 2024 and August 8, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Dec. 31, 2024 (GLOBE NEWSWIRE) — 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 the January 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Customers Bancorp had inadequate anti-money laundering practices; (2) as a result, it was not in compliance with its legal obligations, which subjected it to heightened regulatory risk; and (3) as a result, defendants’ statements about Customers Bancorp’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 8, 2024, during market hours, the Federal Reserve Board of Governors issued an announcement entitled “Federal Reserve Board issues enforcement action with Customers Bancorp, Inc. and Customers Bank.” Attached to the announcement was a written agreement between the Federal Reserve Bank of Philadelphia, Customers Bancorp, Inc., and Customers Bank.
The agreement stated “the most recent examinations and inspection of [Customers Bancorp and Customers Bank] conducted by the Federal Reserve Bank of Philadelphia [. . .] 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 [. . .], including the rules and regulations issued thereunder by the U.S. Department of the Treasury [. . .], and the AML requirements of Regulation H of the Board of Governors [of the Federal Reserve System] [. . .]; and the regulations issued by the Office of Foreign Assets Control of the United States Department of the Treasury[.]”
On this news, Customers Bancorp’s common stock fell 13.3% on August 8, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Customers Bancorp’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Customers Bancorp, Inc. class action, go to www.faruqilaw.com/CUBI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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