Investors Urged to Act Before Deadline in Class Action Against CUBI
Urgent Reminder for Investors in Customers Bancorp, Inc.
The Law Offices of Howard G. Smith is reaching out to investors of Customers Bancorp, Inc. regarding a significant deadline related to a class action lawsuit. Those who purchased Company shares are reminded to act swiftly as the deadline approaches for filing a lead plaintiff motion in this case. The specified cutoff date is January 31, 2025.
Understanding the Class Action Lawsuit
This class action lawsuit is centered around investors who engaged with Customers Bancorp securities between the dates of March 1, 2024, and August 8, 2024. Investors seeking to participate in this action must ensure they file the necessary motions before the looming deadline.
Recent Developments Impacting Customers Bancorp
Just a few months prior, Customers Bancorp experienced a pivotal moment when their Executive Vice President and Chief Financial Officer, Carla Leibold, was terminated. Initially, the company described her termination as ‘for cause.’ However, it was later amended to reflect that it was resolved by mutual agreement, despite the disagreement surrounding Company policy violations. Furthermore, the announcement of a sizable post-employment compensation of $2.5 million heightened investor concerns.
Stock Price Fluctuations
April 2024 saw Customers Bancorp’s shares drop significantly, falling $2.40 to close at $46.62 after this news became public. These events have led to substantial losses for investors holding these securities.
Regulatory Concerns Arise
Adding to the woes of Customers Bancorp, the Federal Reserve Board imposed an enforcement action against the company, revealing substantial deficiencies in their risk management practices. This regulatory scrutiny highlighted failures in compliance with anti-money laundering regulations.
The immediate consequence was another drop in share value, with a staggering loss of $7.22 or 13.3% on August 8, 2024. Shortly thereafter, additional disclosures prompted further stock declines, leaving investors uncertain about the future of their investments.
Legal Rights of Investors
It is critically important for individuals who purchased Customers Bancorp securities during this time to understand their legal rights. Those wanting to be a lead plaintiff in this case must file their motion by January 31, 2025. Investors are encouraged to consult legal experts to navigate this situation effectively.
Contact for Support
For more detailed information or to discuss one’s case, investors can contact the Law Offices of Howard G. Smith at (215) 638-4847. They can also reach out via email for professional advice. Understanding the complexities involved in this lawsuit is crucial for any party interested in pursuing legal action.
Frequently Asked Questions
What is the deadline for filing in the class action lawsuit?
The deadline is January 31, 2025, for filing a lead plaintiff motion in the case.
Who can participate in the class action?
Investors who purchased Customers Bancorp securities between March 1, 2024, and August 8, 2024, can participate in the class action.
What caused the stock price to drop significantly?
The drops were attributed to executive terminations and regulatory enforcement actions revealing deficiencies in risk management.
How can I learn more about my legal rights?
Investors are encouraged to contact the Law Offices of Howard G. Smith for guidance regarding their legal rights and options.
What should I do if I want to be involved?
If you wish to be a lead plaintiff, it is important to file your motion by the deadline. Consult legal counsel for assistance.
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