Cohen Milstein Sellers & Toll PLLC, is conducting an investigation to determine whether Wilshire Bancorp, Inc. (“Wilshire Bancorp” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

A class action lawsuit has been filed in the U.S. District Court for the Central District of California by another law firm on behalf of all purchasers of the common stock of Wilshire Bancorp (NASDAQ:WIBC) between March 15, 2010 and March 16, 2011, inclusive (the “Class Period”). Wilshire Bancorp is the holding company of Wilshire State Bank, a California state-chartered bank which serves customers in Southern California, and has loan offices in Northern California, Washington, Oklahoma, Nevada and Texas. The complaint alleges that Wilshire Bancorp and certain of its officers and/or directors (“Defendants”) made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the complaint alleges that Defendants misrepresented and/or failed to disclose that: (1) WIBC had deficiencies in its loan underwriting, origination, and renewal processes and procedures; (2) WIBC was not adhering to its loan underwriting policies; (3) WIBC lacked adequate internal and financial controls; and (4) as a result of the foregoing, WIBC’s statements were materially false and misleading.

In its Annual Report for the year 2010, filed with the U.S. Securities and Exchange Commission on March 16, 2011, the Company revealed that, following an “extensive investigation” into “improper activities of a certain loan officer,” who was no longer with the Company, it had “discovered a significant deficiency in the operating effectiveness of loan underwriting, approval and renewal processes for those loan originations and asset sales associated with the former loan officer. Specifically, these processes lacked effective supervision and oversight and the Company’s operating efficiencies were hindered by the former chief executive officer and other management personnel. Our former chief executive officer resigned following the revelation of these activities to our board of directors.” The Company further reported that in addition to the resignation of its CEO, the Company’s Chief Lending Officer had resigned in March 2011 and its Chief Marketing Officer had been terminated in December 2010.

The price of WIBC shares fell from $5.80 to $5.27 on March 17, representing a decline of approximately 9.2%, and continued their slide to close at $4.85 on March 18, representing a two-day decline of more than 16.5%.

Cohen Milstein encourages all purchasers of Wilshire Bancorp stock or former employees with information concerning this matter to contact the firm.

If you are a Wilshire Bancorp shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you purchased the common stock of Wilshire Bancorp and wish to serve as lead plaintiff, you must move the Court no later than May 31, 2011 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.

Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and is active in major litigation pending in federal and state courts throughout the nation.

The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.Tyler GaffneyCohen Milstein Sellers & Toll PLLC1100 New York Avenue, N.W.West Tower, Suite 500Washington, D.C. 20005Telephone: (888) 240-0775 or (202) 408-4600Email: stoll@cohenmilstein.com; tgaffney@cohenmilstein.com

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