NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in PacWest Bancorp (“PacWest” or the “Company”) (NASDAQ: PACW) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of PacWest investors who were adversely affected by alleged securities fraud between February 28, 2022 and May 3, 2023. Follow the link below to get more information and be contacted by a member of our team:
PACW investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) PacWest had understated the impact of interest rate hikes on Pacific Western Bank (“PWB”), a smaller bank with excessive concentration in specific industries; (ii) accordingly, the Company had overstated the stability and/or sustainability of its deposit base; (iii) as a result, PacWest was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis; and (iv) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
WHAT’S NEXT? If you suffered a loss in PacWest during the relevant time frame, you have until November 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.