Breaking News: Investors Affected by Customers Bancorp, Inc. Alleged Securities Fraud Have Opportunity to Join Class Action
Los Angeles, CA, January 28, 2025 – The Law Offices of Frank R. Cruz, a leading national shareholder rights law firm, announces that investors who suffered losses in Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI) securities between March 1, 2020, and December 31, 2022, inclusive (the “Class Period”), have until February 27, 2025, to move the Court to serve as lead plaintiff in the Customers Bancorp securities fraud class action. The lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania and alleges that Customers Bancorp violated federal securities laws.
Background on Customers Bancorp, Inc.
Customers Bancorp is a financial holding company headquartered in Wyomissing, Pennsylvania. The Company operates through its subsidiary, Customers Bank, which provides various commercial and retail banking services. Customers Bancorp’s business model focuses on delivering a high-quality customer experience and strong financial performance.
Allegations of Securities Fraud
The complaint alleges that Customers Bancorp made false and/or misleading statements and/or failed to disclose: (1) that the Company’s loan portfolio included a significant concentration of loans to the energy sector, especially to oil and gas exploration and production companies; (2) that the Company’s loan loss provisions were inadequate; and (3) that, as a result of the foregoing, Customers Bancorp’s financial statements were materially false and misleading at all relevant times.
Impact on Investors
As a result of this alleged securities fraud, Customers Bancorp investors suffered significant losses. The Company’s stock price dropped from a high of $38.38 per share in February 2021 to a low of $22.45 per share in December 2022. Investors who purchased Customers Bancorp securities during the Class Period may be able to recover their losses by joining the class action.
Global Implications
The Customers Bancorp securities fraud class action lawsuit could have far-reaching implications for the financial industry as a whole. The case highlights the importance of transparency and accurate reporting in the banking sector. It also underscores the need for investors to closely monitor their investments and seek professional advice when necessary. In the wake of the lawsuit, other financial institutions may face increased scrutiny from regulators and the investing public.
Next Steps for Affected Investors
If you invested in Customers Bancorp securities during the Class Period and have suffered losses, you may be entitled to join the class action. To be eligible, you must have purchased Customers Bancorp securities between March 1, 2020, and December 31, 2022. To join the class action, you must file a motion with the Court no later than February 27, 2025. The Law Offices of Frank R. Cruz can help you determine whether you are eligible and guide you through the process.
- Contact The Law Offices of Frank R. Cruz to discuss your potential recovery options:
- Frank R. Cruz, 212-514-6284 or [email protected]
- 1101 Avenue of the Americas, Suite 3700, New York, NY 10036
Conclusion
The Customers Bancorp securities fraud class action lawsuit is an important development for investors in the financial sector. The case underscores the need for transparency and accurate reporting from financial institutions, and the potential consequences of failing to meet these requirements. If you invested in Customers Bancorp securities during the Class Period and have suffered losses, contact The Law Offices of Frank R. Cruz to discuss your potential recovery options. The deadline to join the class action is February 27, 2025. Seeking professional advice can help ensure that you recover the compensation you deserve.
The Law Offices of Frank R. Cruz is a leading national shareholder rights law firm that represents investors in securities fraud, antitrust, and consumer protection class actions. The Firm has recovered over $1 billion for its clients since 2011. For more information, visit www.frankcruzlaw.com.
