Cohen Milstein Sellers & Toll, PLLC Announces Investigation of Wilshire Bancorp, Inc. - WIBC
April 21 2011 - 9:07AM
Business Wire
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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