PACW Investors Have Opportunity to Lead PacWest Bancorp Securities Fraud Lawsuit
LOS ANGELES, Oct. 26, 2023 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against PacWest Bancorp ("PacWest" or the "Company") (NASDAQ: PACW, PACWP).
Class Period: February 28, 2022 – May 3, 2023
Lead Plaintiff Deadline: November 10, 2023
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) PacWest had understated the impact of interest rate hikes on PWB, a smaller bank with excessive concentration in specific industries; (2) accordingly, the Company had overstated the stability and/or sustainability of its deposit base; (3) as a result, PacWest was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
