SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of PacWest Bancorp (NASDAQ: PACW) securities between February 28, 2022 and May 3, 2023, inclusive (the “Class Period”) have until November 13, 2023 to seek appointment as lead plaintiff of the PacWest Bancorp class action lawsuit. Captioned Tan v. PacWest Bancorp, No. 23-cv-01685 (C.D. Cal.), the PacWest Bancorp class action lawsuit charges PacWest Bancorp and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the PacWest Bancorp class action lawsuit, please provide your information here:
CASE ALLEGATIONS: PacWest Bancorp operates as a holding company for its wholly-owned subsidiary, Pacific Western Bank (“PWB”), a regional bank based in Los Angeles, California.
The PacWest Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) PacWest Bancorp had understated the impact of interest rates on PWB, a smaller bank with excessive concentration in specific industries; (ii) accordingly, PacWest Bancorp had overstated the stability and/or sustainability of its deposit base; and (iii) as a result, PacWest Bancorp was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis.
The PacWest Bancorp class action lawsuit further alleges that on May 3, 2023, Bloomberg published an article titled “Regional Banks Sink as PacWest Weighs Strategic Options” which stated that “PacWest Bancorp led a renewed slide in regional banks after a report that it’s weighing strategic options including a sale heightened concerns that the turmoil engulfing smaller lenders is far from over.” The PacWest Bancorp class action lawsuit further alleges that on the same day, Forbes published an article titled “PacWest Stock Falls 39% After Federal Reserve’s Latest Interest Rate Hike” which stated that “PacWest has been considering a breakup or capital raise.” The PacWest Bancorp class action lawsuit alleges that on this news, the price of PacWest Bancorp stock fell more than 44%.
The PacWest Bancorp class action lawsuit further alleges that on May 11, 2023, PacWest revealed that “[d]uring the week ended May 5, 2023, our deposits declined approximately 9.5%, with a majority of that decline occurring on May 4th and May 5th after the news reports on the afternoon of May 3rd.” The PacWest Bancorp class action lawsuit alleges that on this news, the price of PacWest Bancorp stock fell nearly 23%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired PacWest Bancorp securities during the Class Period to seek appointment as lead plaintiff of the PacWest Bancorp class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the PacWest Bancorp class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the PacWest Bancorp class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the PacWest Bancorp class action lawsuit.
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