NEW YORK - 
(NewMediaWire) - December 07, 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.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than January 31, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
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.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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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
