5 THINGS YOU SHOULD KNOW ABOUT THE PACWEST BANCORP CLASS ACTION LAWSUIT

If you suffered losses in PacWest Bancorp stock contact PacWest Bancorp stock loss lawyer Timothy L. Miles 

INTRODUCTION TO THE BANCORP CLASS ACTION LAWSUIT

​The PacWest Bancorp class action lawsuit​ seeks to represent purchasers or acquirers of PacWest Bancorp (NASDAQ: PACW) securities between February 28, 2022 and May 3, 2023, inclusive (the “Class Period”).  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.
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If you suffered losses in PacWest Bancorp stock and wish to serve as lead plaintiff in the PacWest Bancorp class action lawsuit, please provide your information below. You can also ​contact PacWest Bancorp Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the PacWest Bancorp class action lawsuit must be filed with the court no later than November 13, 2023.

Read on to learn five things you should know about the PacWest Bancorp class action lawsuit.

the ALLEGATIONS IN THE PACWEST BANCORP CLASS ACTION LAWSUIT

​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%.

A NON-U.S. INVESTOR may SERVE AS LEAD PLAINTIFF IN THE PACWEST BANCORP CLASS ACTION LAWSUIT IF THEY SUFFERED LOSSES IN PACWEST BANCORP

​Courts in the U.S. have consistently recognized that non-U.S. investors, many of which have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in PacWest Bancorp stock, they may move the Court to be appointed lead plaintiff in the PacWest Bancorp class action lawsuit. 

THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE PACWEST BANCORP CLASS ACTION LAWSUIT

Serving as a Lead Plaintiff in the PacWest Bancorp class action lawsuit has several advantages and important benefits including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against PacWest Bancorp if you suffered losses in PacWest Bancorp stock. ​

THE LEAD PLAINTIFFS will not GET MORE MONEY THAN CLASS MEMBERS IF THE PACWEST BANCORP CLASS ACTION LAWSUIT

​​But they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the PacWest Bancorp class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the PacWest Bancorp class action lawsuit on behalf of investors who suffered losses in PacWest Bancorp stock. 

CAN I BE LEAD PLAINTIFF IN THE PACWEST BANCORP CLASS ACTION LAWSUIT IF I AM LEAD PLAINTIFF IN ANOTHER CASE?

​​Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in PacWest Bancorp stock, you may move to be appointed lead plaintiff in the PacWest Bancorp class action lawsuit.

CONTACT A PACWEST BANCORP STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN PACWEST BANCORP STOCK ABOUT AN PACWEST BANCORP CLASS ACTION LAWSUIT

​If you suffered losses in PacWest Bancorp stock, contact PacWest Bancorp stock loss lawyer Timothy L. Miles today for a free case evaluation about a PacWest Bancorp class action lawsuit. Call today and see what a PacWest Bancorp stock loss lawyer can do for you if you suffered losses in PacWest Bancorp stock.

PacWest Bancorp stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, 6Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America's Most Honored Lawyers 2020; Top 1% by America's Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529