Customers Bancorp(CUBI) Prnewswire·2024-12-25 00:16Allegations and Regulatory Issues - Customers Bancorp, Inc. (CUBI) is facing allegations of failing to disclose inadequate anti-money laundering (AML) practices, which has led to heightened regulatory risk [6] - On April 12, 2024, the company announced the firing of its CFO for violating company policy, resulting in a nearly 5% drop in stock price to $46.62 by April 15, 2024 [1] - The Federal Reserve identified significant deficiencies in the bank's risk management and compliance with AML regulations on August 8, 2024, causing the stock price to fall approximately 15% [2] Consent Order and Further Declines - On August 8, 2024, Customers Bancorp disclosed a consent order with the Commonwealth of Pennsylvania, which identified unsafe banking practices related to BSA/AML requirements, leading to further declines in stock price [7] Class Action and Investor Participation - A class action was filed on behalf of investors who purchased Customers Bancorp securities between March 1, 2024, and August 8, 2024, allowing eligible shareholders to participate in the litigation [4] - Shareholders interested in serving as lead plaintiffs must submit their applications by January 31, 2025, but participation is not required to be eligible for recovery [8]