A securities class action has been filed in the USDC — E.D.PA. against Customers Bancorp, Inc. (CUBI) (“Customers Bancorp” or the “Company”), on behalf of all those that purchased or otherwise acquired Customers Bancorp securities publicly traded on the NYSE between March 1, 2024 and August 8, 2024, both dates inclusive (the “Class Period”).
Defendant Customers Bancorp is a bank holding company. It describes itself as follows: Customers Bancorp is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank, collectively referred to as “Customers” herein. Customers is a forward-thinking bank with strong risk management that provides commercial and consumer customers the stability and trust inherent in working with an established and regulated financial institution. The Bank has diversified lending activities that build overall franchise value and a high-tech, high-touch branch-light strategy that serves its customers through a single-point-of-contact private banking strategy with a focus on community banking businesses, including commercial and industrial and commercial real estate loans (to borrowers in Pennsylvania, New Jersey, New York City, New England and other geographies), multifamily lending, SBA lending and residential mortgage lending. The Bank also serves specialty businesses nationwide, including its specialty lending, commercial loans to mortgage companies and commercial equipment financing. The Bank offers digital banking to commercial and consumer businesses nationwide, including Banking-as-a-Service to fintech companies, payments and treasury services to businesses, and consumer loans through relationships with fintech companies.
The claim arises on August 8, 2024, after the market closed, when the Company filed with the SEC its quarterly report on Form 10-Q for the quarter ended June 30, 2024 (the “2Q24 Report”).
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Customers Bancorp had inadequate anti-money laundering practices;
(2) as a result, it was not in compliance with its legal obligations, which subjected it to heightened regulatory risk; and
(3) as a result, Defendants’ statements about Customers Bancorp’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times, thereby harming investors.
On this news, the price of Customers Bancorp stock fell a further $1.08, or 2.29%, to close at $45.93 on August 9, 2024.
If you purchased Customers Bancorp securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
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