NEW YORK, NY / ACCESSWIRE / August 21, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Customers Bancorp, Inc. ("Customers Bancorp" or the "Company") (NYSE:CUBI). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Customers Bancorp and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 12, 2024, Customers Bancorp disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that its Executive Vice President and Chief Financial Officer ("CFO"), Carla Leibold, "was notified of her termination from employment with the Company on April 10, 2024, for ‘cause' under her employment agreement for violating Company policy, which termination was effective immediately." The Company also reported that Ms. Leibold "has disputed the Company's characterization of her separation from the Company."
On this news, Customers Bancorp's stock price fell $2.40 per share, or 4.9%, to close at $46.62 per share on April 15, 2024. On April 25, 2024, Customers Bancorp disclosed in additional SEC filings that, contrary to its previous announcement that Ms. Leibold had been terminated for cause, the Company and Ms. Leibold had "agreed that the termination of Ms. Leibold's employment is a separation by mutual agreement," pursuant to which agreement Ms. Leibold was entitled to receive $2.5 million in cash.
On this news, Customers Bancorp's stock price fell $2.71 per share, or 5.47%, to close at $46.82 per share on April 26, 2024.
Then, on August 8, 2024, the Federal Reserve issued an enforcement action against Customers Bancorp, citing "significant deficiencies" in Customers Bancorp's risk management practice and compliance with laws and regulations with respect to anti-money laundering and customer due diligence related to the Company's digital asset services.
On this news, Customers Bancorp's stock price fell $7.22 per share, or 13.31%, to close at $47.01 per share on August 8, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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