{"id":792099,"date":"2024-12-03T15:55:41","date_gmt":"2024-12-03T20:55:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-customers-bancorp-inc-cubi\/"},"modified":"2024-12-03T15:55:41","modified_gmt":"2024-12-03T20:55:41","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-customers-bancorp-inc-cubi","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-customers-bancorp-inc-cubi\/","title":{"rendered":"Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Customers Bancorp, Inc. (CUBI)"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Dec.  03, 2024  (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Customers Bancorp, Inc. (\u201cCustomers Bancorp\u201d or the \u201cCompany\u201d) (NYSE: CUBI) securities between March 1, 2024 and August 8, 2024, inclusive (the \u201cClass Period\u201d). The lawsuit seeks to recover damages for the Company\u2019s investors under the federal securities laws.<\/p>\n<p align=\"justify\">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; and (2) as a result, Customers Bancorp was not in compliance with its legal obligations, which subjected Customers Bancorp to heightened regulatory risk. The Complaint further alleges that on April 12, 2024, Customers Bancorp announced that CFO, defendant Carla A. Leibold, had been fired for \u201ccause\u201d for violating Customers Bancorp policy. On this news, the price of Customers Bancorp stock fell nearly 5%. Customers Bancorp subsequently disclosed that Ms. Leibold\u2019s termination was a \u201cseparation by mutual agreement.\u201d<\/p>\n<p align=\"justify\">Then, on August 8, 2024, during market hours, the Federal Reserve issued a press release entitled \u201cFederal Reserve Board issues enforcement action with Customers Bancorp, Inc. and Customers Bank,\u201d which attached a written agreement between Customers Bancorp and the Federal Reserve Bank of Philadelphia stating that the Federal Reserve \u201cidentified significant deficiencies related to the Bank\u2019s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering (\u2018AML\u2019), including the Bank Secrecy Act.\u201d On this news, the price of Customers Bancorp stock fell more than 15%.<\/p>\n<p align=\"justify\">Finally, the Complaint alleges that on August 8, 2024, after market hours, Customers Bancorp disclosed a consent order by the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Bank Supervision, relating \u201cprincipally to aspects of compliance risk management, including risk management practices governing digital asset-related services; oversight by the Board of Directors of Customers Bancorp and the Bank; compliance with anti-money laundering regulations under the Bank Secrecy Act; and compliance with the regulations of the Office of Foreign Assets Control,\u201d and further stating that \u201cthese deficiencies give the Bureau reason to believe that the Bank had engaged in unsafe or unsound banking practices relating to BSA\/AML Requirements.\u201d On this news, the price of Customers Bancorp stock fell further.<\/p>\n<p align=\"justify\">Investors who purchased or otherwise acquired shares of Customers Bancorp should contact the Firm prior to the <strong><em>January 31, 2025<\/em><\/strong> lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna &amp; Egleston at (212) 983-1300, or via e-mail at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ImVsleNXetSZ4eMt6sFrS6jOrlilb8EqpK_5M8g8g8kwlqK9UzBCWWJgjbSBie7-zMLABYNTliR4gcfLmpwZQZi8mBl_gE2XwnwoE5rE5dQ=\" rel=\"nofollow\" target=\"_blank\"><u>tjmckenna@gme-law.com<\/u><\/a> or <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=NKAbuUPY7rX3gWWPCqEQz_Z27xxxYb3cXsEMlkC8Vb9wbk27HqQvIKlUJobhEvwbg8XkGDpci2N32p-PVigs6b2S-bYwuDGxzUBTQFv8HGc=\" rel=\"nofollow\" target=\"_blank\"><u>gegleston@gme-law.com<\/u><\/a>.<\/p>\n<p align=\"justify\">Please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=odVatAmxdK1QAu6FUI_tZ7T_OJwwdA75fAxqtnfiZBrUUf_rIlfz2BPl7QDGS-RBOR6akIcj8fl9ttrwXV6SWB9QoB8kuv-0p56JgSveRQI=\" rel=\"nofollow\" target=\"_blank\"><u>http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMxMzU1OCM2NjIxMzg4IzIwMTc3MDQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/Zjk4NzgwNjItYzJiYi00MmI2LWExZjctZmVjOTU0MTkzZThjLTEwMjkyNzQ=\/tiny\/Gainey-McKenna-Egleston.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Customers Bancorp, Inc. (\u201cCustomers Bancorp\u201d or the \u201cCompany\u201d) (NYSE: CUBI) securities between March 1, 2024 and August 8, 2024, inclusive (the \u201cClass Period\u201d). The lawsuit seeks to recover damages for the Company\u2019s investors under the federal securities laws. 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; and (2) as a result, Customers Bancorp was not in compliance with its &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-customers-bancorp-inc-cubi\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Customers Bancorp, Inc. (CUBI)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-792099","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Customers Bancorp, Inc. (CUBI) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-customers-bancorp-inc-cubi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Customers Bancorp, Inc. (CUBI) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) &#8212; Gainey McKenna &amp; Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Customers Bancorp, Inc. (\u201cCustomers Bancorp\u201d or the \u201cCompany\u201d) (NYSE: CUBI) securities between March 1, 2024 and August 8, 2024, inclusive (the \u201cClass Period\u201d). The lawsuit seeks to recover damages for the Company\u2019s investors under the federal securities laws. 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; and (2) as a result, Customers Bancorp was not in compliance with its &hellip; Continue reading &quot;Gainey McKenna &amp; Egleston Announces A Class\u00a0Action Lawsuit Has Been Filed Against Customers Bancorp, Inc. 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