Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Wilshire Bancorp, Inc.

Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/wibc) announces that a class action lawsuit has been filed in the United States District Court for the Central District of New York on behalf of purchasers of the common stock of Wilshire Bancorp, Inc. (“Wilshire” or the “Company”) (NASDAQ: WIBC) between March 15, 2010 and March 16, 2011, inclusive (the "Class Period").

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/wibc.

The Complaint alleges that during the Class Period the Company violated federal securities laws by issuing material misrepresentations to the market concerning Wilshire’s business, operations and prospects were materially false and misleading thereby artificially inflating the price of the Company’s securities. 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.

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.” The Company further stated 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. On this news, shares of Wilshire fell 9.2% to close at $5.27 per share.

If you are a member of the class, you may, no later than May 31, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/wibc or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
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