SAN FRANCISCO, CA / ACCESSWIRE / August 15, 2024 / Hagens Berman urges Customers Bancorp, Inc. (NYSE:CUBI) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
Visit: www.hbsslaw.com/investor-fraud/CUBI
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Investigation Into Customers Bancorp, Inc. (CUBI):
The investigation focuses on the propriety of Customers Bancorp's recent assurances that expense reduction opportunities would not adversely impact "risk management and compliance or critical technology investments" and "these are the areas we plan to enhance even further by redeploying savings."
Cracks may have emerged beginning on April 12, 2024, when Customers Bancorp announced the abrupt termination "for cause" of its then-CFO Carla A. Leibold. Customers Bancorp said she "violated company policy" but gave no further explanation other than to say she disputed the characterization. This news sent the price of Customers Bancorp shares almost 5% lower the next day.
Then, on April 25, 2024, Customers Bancorp announced that the company and Leibold entered into a separation agreement that day, under which they recharacterized the termination of her employment as a "separation by mutual agreement." This move, however, was met with skepticism by investors, as Customers Bancorp shares fell over 5% over the next day.
Most recently, on August 8, 2024, Customers Bancorp attached an agreement with the Federal Reserve Bank of Philadelphia ("Reserve Bank") to its quarterly filing. The agreement recited that the Reserve Bank "identified significant deficiencies related to [Customers] Bank's risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering" and "regulations issued by the Office of Foreign Assets Control of the United States Department of the Treasury[.]" This news drove the price of Customers Bancorp shares over 13% lower that day.
"We are looking into whether Customers Bancorp may have misled investors about its commitment to enhance its risk management and compliance functions and, if so, whether there's a connection to the recent CFO turnover," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Customers Bancorp and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Customers Bancorp investigation, read more »
Whistleblowers: Persons with non-public information regarding Customers Bancorp should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP