Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Urges Investors Suffering Losses Over $75,000 In Customers Bancorp (NYSE:) To Contact Him Directly To Discuss Their Options

If you suffer losses in excess of $75,000 in Customers Bancorp between March 1, 2024 and August 8, 2024 and want to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (Ext. 1310).

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New York, New York–(Newsfile Corp. – December 25, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Customers Bancorp, Inc . (“Customers Bancorp” or the “Company”) (NYSE: CUBI) and reminds investors of January 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) The Customers Bancorp has inadequate anti-money laundering procedures; (2) as a result, it does not fulfill its legal obligations, subjecting it to high regulatory risk; and (3) as a result, the defendants’ statements about the business, operations, and prospects of Customers Bancorp were materially false and misleading and/or without a reasonable basis at all times. When the true details entered the market, the lawsuit claimed that investors suffered damages.

On August 8, 2024, during market hours, the Federal Reserve Board of Governors issued a notice entitled “Federal Reserve Board issues enforcement action against Customers Bancorp, Inc. and Customers Bank.” Attached to the notice is a written agreement between the Federal Reserve Bank of Philadelphia, Customers Bancorp, Inc., and Customers Bank.

The agreement states that “the most recent examination and inspection of (Customers Bancorp and Customers Bank) conducted by the Federal Reserve Bank of Philadelphia (. . .) identified significant deficiencies related to the management practices of Bank’s risk and compliance with applicable laws, rules, and regulations related to anti-money laundering (“AML”), including the Bank Secrecy Act (. . .), including rules and regulations that issued under this by the US Department of the Treasury (. . .), and the AML requirements of Regulation H of the Board of Governors (of the Federal Reserve System) (. . .); of the United States Department of the Treasury (.)”

On this news, Customers Bancorp common stock fell 13.3% on August 8, 2024.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is substantially and generally among the class members managing and managing the litigation on behalf of the purported class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a non-class member. Your ability to share in any recovery is not affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Customers Bancorp’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/234567