SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Customers Bancorp, Inc. - CUBI

NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Customers Bancorp, Inc. ("Match" or the "Company") (NYSE: CUBI). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Customers Bancorp and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until January 31, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Customers Bancorp securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On April 12, 2024, Customers Bancorp disclosed in a filing with the U.S. Securities and Exchange Commission that Chief Financial Officer Carla A. Leibold had been fired for "cause" for violating Company policy, while noting that "Ms. Leibold has disputed the Company's characterization of her separation from the Company." 

On this news, Customers Bancorp's stock price fell $2.40 per share, or 4.89%, to close at $46.62 per share on April 15, 2024. 

Then, on August 24, 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[.]" 

On this news, Customer Bancorp's stock price fell $7.22 per share, or 13.31%, to close at $47.01 per share on August 8, 2024. 

Finally, 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, Customers Bancorp's stock price fell $1.08 per share, or 2.3%, to close at $45.93 per share on August 9, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP