Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Customers Bancorp, Inc. (CUBI) on Behalf of Investors

Published 6 days ago via Business Wire

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Customers Bancorp investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Customers-Bancorp-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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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Whistleblower Notice: Persons with non-public information regarding Customers Bancorp should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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