Press release
Lawsuit filed for Investors who lost money with shares of PacWest Bancorp (NASDAQ: PACW)
A lawsuit was filed on behalf of investors in PacWest Bancorp (NASDAQ: PACW) shares over alleged securities laws violations.
Investors who purchased shares of PacWest Bancorp (NASDAQ: PACW) have certain options and for certain investors are short and strict deadlines running. Deadline: November 13, 2023. NASDAQ: PACW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Beverly Hills, CA based PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services.
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."
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."
Shares of PacWest Bancorp (NASDAQ: PACW) declined from $30.07 per share on February 03, 2023, to as low as $4.15 per share on May 04, 2023.
Then, 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 plaintiff claims that between February 28, 2022 and May 3, 2023, the defendants made false and/or misleading statements and/or failed to disclose that PacWest Bancorp had understated the impact of interest rates on PWB, a smaller bank with excessive concentration in specific industries, that accordingly, PacWest Bancorp had overstated the stability and/or sustainability of its deposit base, and that as a result, PacWest Bancorp was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis.
Those who purchased shares of PacWest Bancorp (NASDAQ: PACW) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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