LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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, Customer Bancorp’s stock price fell $2.40, or 4.9%, to close at $46.62 on April 15, 2024, thereby injuring investors.
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, Customer Bancorp’s stock price fell $7.22, or 13.3%, to close at $47.01 per share on August 8, 2024.
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, Customer Bancorp’s stock price fell $1.08, or 2.3%, to close at $45.93 per share on August 9, 2024, thereby injuring investors further.
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If you purchased Customers Bancorp securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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