Law Offices of Howard G. Smith, representing investors of Wilshire Bancorp, Inc. (“WIBC” or the “Company”) (NASDAQ:WIBC), has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of WIBC between March 15, 2010 and March 16, 2011, inclusive (the “Class Period”).

WIBC is the holding company of Wilshire State Bank, a California state-chartered bank that operates 24 branch offices in California, Texas, New Jersey and New York, and six loan production offices in Dallas, Houston, Atlanta, Denver, Annandale, Virginia, and Fort Lee, New Jersey, and is an SBA preferred lender nationwide. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning WIBC’s business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had deficiencies in its underwriting, origination, and renewal processes and procedures; (2) that the Company was not adhering to its underwriting policies; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the above, the Company's statements were materially false and misleading at all relevant times.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased WIBC securities between March 15, 2010 and March 16, 2011, you have certain rights and have 60 days from March 29, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.

Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Wilshire Bancorp, Inc. (MM) Charts.
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Wilshire Bancorp, Inc. (MM) Charts.