Shares of Customers Bancorp, Inc. (NYSE: CUBI) dropped over 14% in intraday trading on Thursday, August 8, 2024, after the Federal Reserve Board announced that it had issued an enforcement action with Customers Bancorp and its principal subsidiary, citing “significant deficiencies related to the Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering […].” Gibbs Law Group is investigating a potential Customers Bancorp Class Action Lawsuit on behalf of shareholders who lost money in Customers Bancorp.
What Should Customers Bancorp, Inc. Investors Do?
Learn more about the Customers Bancorp Class Action Lawsuit Investigation here or call us toll-free at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Customers Bancorp has violated federal securities laws by providing false or misleading statements to investors.
What is the Customers Bancorp Securities Lawsuit Investigation About?
On August 8, 2024, the Federal Reserve Board announced that it had issued an enforcement action against Customers Bancorp and its principal subsidiary, citing “significant deficiencies related to the Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering […].” According to a written agreement, these deficiencies were identified in the Federal Reserve Bank of Philadelphia’s recent inspection of Costumers Bancorp and Customers Bank, a state-chartered bank that is owned and controlled by Costumers Bancorp.
Following this news, shares of Customers Bancorp dropped over 14% in intraday trading on Thursday, August 8, 2024, causing significant harm to investors.
Previously, on April 12, 2024, Customers Bancorp filed a Form 8-K with the SEC, which disclosed that its Executive Vice President and CEO Carla Leibold, “was notified of her termination from employment with the Company on April 10, 2024, for “cause,” for violating Company policy. On this news, Customers Bancorp's stock price fell 4.9% on April 15, 2024.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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Contacts
CATHERINE CONROY
PHONE: 510.350.9705
EMAIL: CRC@CLASSLAWGROUP.COM
