Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Wilshire Bancorp, Inc. to Inquire Abo
April 07 2011 - 5:22PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Central District of California on behalf of
purchasers of the common stock of Wilshire Bancorp, Inc. ("Wilshire
Bancorp" or the "Company") (NASDAQ: WIBC) during the period between
May 15, 2010 and March 16, 2011, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than May 31, 2011 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek
damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company had
deficiencies in its underwriting, origination, and renewal
processes and procedures and was not adhering to its own
underwriting policies. According to the complaint, after, on March
16, 2011, Wilshire Bancorp disclosed that the Company had conducted
an internal investigation with assistance of outside independent
professional firms and the Company's internal audit department and
discovered a significant deficiency in the operating effectiveness
of loan underwriting, approval and renewal processes for loan
originations and asset sales associated with a former loan officer
and that these processes lacked effective supervision and oversight
such that the Company's operating efficiencies were hindered by the
former chief executive officer and other management personnel, the
value of Wilshire Bancorp stock declined significantly.
If you have suffered a net loss for all transactions in Wilshire
Bancorp, Inc. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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