Customers Bancorp, Inc. (NYSE: CUBI)

This lawsuit is for anyone who acquired securities in Customers Bancorp, Inc. (NYSE: CUBI) from March 1, 2024 through August 8, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had adequate anti-laundering controls in place when the Company lacked such controls.

On April 12, 2024, Customers Bancorp disclosed that its Executive Vice President and Chief Financial Officer, Carla Leibold, had been terminated “for ‘cause’ under her employment agreement for violating Company policy.”  However, later that month, the Company amended this description to state that her termination “was a separation by mutual agreement” and that Ms. Leibold would be paid $2.5 million in “post-employment compensation.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on August 8, 2024, the Federal Reserve Board announced the execution of an enforcement action with Customers Bancorp, Inc., and Customers Bank stating that the most recent inspection of Customers Bancorp “identified significant deficiencies related to the Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. That same day, after market hours, Customer Bancorp disclosed a consent order by the Commonwealth of Pennsylvania, Department of Banking and Securities, Bureau of Bank Supervision, which stated that deficiencies within the Company “give the Bureau reason to believe that the Bank had engaged in unsafe or unsound banking practices relating to BSA/AML Requirements[.]” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Customers Bancorp, Inc. (NYSE: CUBI) from March 1, 2024 through August 8, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.