Glancy Binkow & Goldberg LLP, Representing Shareholders of Wilshire Bancorp, Inc., Announces 31 Days Remaining to Move for Appoi
April 29 2011 - 9:30PM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of
Wilshire Bancorp, Inc. ("Wilshire Bancorp" or the "Company")
(Nasdaq:WIBC) between March 15, 2010 and March 16, 2011, inclusive
(the "Class Period"), have 31 days until the May 30, 2011 deadline
to move the Court to serve as Lead Plaintiff in the securities
fraud class action lawsuit. The class action lawsuit was filed in
the United States District Court for the Central District of
California.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201‑9150 or Toll Free at (888) 773‑9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
Wilshire Bancorp 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 Wilshire Bancorp's business, operations and
prospects were materially false and misleading. Specifically,
the defendants made false and/or misleading statements and/or
failed to disclose that: (1) the Company had deficiencies in its
underwriting, origination, and renewal processes and procedures;
(2) the Company was not adhering to its underwriting policies; (3)
the Company lacked adequate internal and financial controls; and
(4), as a result of the above, the Company's statements were
materially false and misleading at all relevant times.
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 those loan originations and asset sales associated
with a former loan officer. Further, the Company disclosed
that these processes lacked effective supervision and oversight and
that the Company's operating efficiencies were hindered by the
former chief executive officer and other management personnel.
As a result of this news, shares of Wilshire Bancorp declined
$0.54 per share, more than 9%, to close on March 17, 2011, at $5.27
per share, on unusually heavy volume. The following day,
Wilshire Bancorp shares declined another $0.42, or 7.97%, to close
on March 18, 2011, at $4.85.
Any person or group who suffered a loss as a result of
purchasing Wilshire Bancorp securities between March 15, 2010 and
March 16, 2011, may ask the Court to be appointed as Lead
Plaintiff, but must file a motion no later than the May 30, 2011
deadline.
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 Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201‑9150, Toll
Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy (310) 201-9150 or (888) 773-9224
Michael Goldberg
shareholders@glancylaw.com
www.glancylaw.com
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