INVESTOR EDUCATION: RECAPPING THE class action AGAINST PACWEST BANCORP

11/5/2023

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

INTRODUCTION TO THE CLASS ACTION AGAINST PACWEST BANCORP

PacWest Bancorp, a regional bank based in Los Angeles, California, is currently facing a class action lawsuit. The lawsuit alleges that PacWest Bancorp, along with certain top executives, violated the Securities Exchange Act of 1934. In this article, we will provide an overview of the allegations, the lead plaintiff process, the benefits of serving as a lead plaintiff, and other important details related to the class action against PacWest Bancorp.

Read on to learn more about the class action against PacWest Bancorp and see if you would like to move for lead plaintiff.

Allegations and Background

The class action lawsuit accuses PacWest Bancorp of making false and/or misleading statements during the Class Period, which spanned from February 28, 2022, to May 3, 2023. The class action against PacWest Bancorp claims that PacWest Bancorp understated the impact of interest rates on its subsidiary, Pacific Western Bank (PWB). Additionally, it alleges that PacWest Bancorp overstated the stability and sustainability of its deposit base, making it vulnerable to excessive deposit flows and a potential liquidity crisis.

On May 3, 2023, Bloomberg published an article titled "Regional Banks Sink as PacWest Weighs Strategic Options," which reported that PacWest Bancorp was considering strategic options, including a sale. This news led to a significant decline in the price of PacWest Bancorp stock. Furthermore, on May 11, 2023, PacWest Bancorp revealed a decline in deposits, resulting in another drop in stock price.

Lead Plaintiff Process

If you suffered losses in PacWest Bancorp stock during the Class Period, you have the opportunity to serve as the lead plaintiff in the class action against PacWest Bancorp. The lead plaintiff represents all other class members and plays a crucial role in directing the lawsuit. To be appointed as the lead plaintiff, you must have the greatest financial interest in the relief sought and be typical and adequate of the putative class.

By serving as the lead plaintiff, you can actively monitor the class counsel, negotiate attorney fees, and reduce litigation costs. Additionally, you have the opportunity to be involved in all negotiations relating to any potential settlement. It is important to note that becoming a lead plaintiff does not require any financial risk, as all costs and expenses are advanced by the lead counsel.

Benefits of Serving as Lead Plaintiff in the class action against PacWest Bancorp

Serving as a lead plaintiff in the class action against PacWest Bancorp offers several advantages and benefits:

Negotiating Power: As the lead plaintiff, you can negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
Active Involvement: You have the benefit of overseeing and monitoring the progress of the lawsuit, reviewing important filings, and participating in the litigation process.
No Financial Risk: Lead counsel advances all costs and expenses incurred in the prosecution of the case, and reimbursement is only required in the case of a successful settlement or judgment recovery.
Involvement in Settlement: Lead plaintiffs are involved and active in all negotiations regarding any potential settlement.
Long-Term Benefits: Lead plaintiffs who continue to own the defendant's stock can benefit from governance reform resulting from the litigation.

Class Period Determination in the class action against PacWest Bancorp

In securities fraud class actions, the class period refers to the time in which the company's stock price was artificially inflated due to false or misleading statements. The class period starts when the company makes an untrue statement or fails to disclose a material fact necessary to render other statements not misleading. It ends when a corrective disclosure reveals the truth to the investing public. To be a part of the class action against PacWest Bancorp, you must have suffered losses in PacWest Bancorp stock by purchasing during the class period when the stock price was allegedly artificially inflated.

Compensation in the Class Action Lawsuit

In a securities fraud class action lawsuit, the plaintiff's damages are typically calculated as out-of-pocket losses. This refers to the difference between the price at which the stock was sold and the price it would have been sold at without the alleged misrepresentations or omissions. If you suffered losses in PacWest Bancorp stock, you may be entitled to recover your damages through the class action lawsuit settlement.

Key Deadlines and Your Options

f you suffered losses in PacWest Bancorp stock and wish to be a part of the class action against PacWest Bancorp you must be aware of the lead plaintiff deadline. The deadline for filing a lead plaintiff motion is November 13, 2023. If a settlement is reached in the class action against PacWest Bancorp, you will receive a court-ordered Notice through the mail. The Notice will provide instructions on how to file a claim for compensation. If you believe the settlement is unfair, you have the option to object to it. The court will consider all timely filed objections before making a final decision.

Hiring a PacWest Bancorp Stock Loss Lawyer

If you suffered losses in PacWest Bancorp stock and need assistance with the class action against PacWest Bancorp, it is advisable to consult with a PacWest Bancorp stock loss lawyer. These lawyers are skilled in securities fraud cases and have expertise in navigating the complex laws governing the securities industry.

A PacWest Bancorp stock loss lawyer can provide guidance, explain your losses in detail, and help you pursue compensation. They work on a contingency fee basis, meaning you do not have to pay any upfront fees or costs. Their fees are awarded by the court as a percentage of the total recovery for the class.

One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic, including most recently being named a Top 25 Class action lawyer by the National Trial Lawyers Association, and has maintained an AV rating from Martindale-Hubble since 2014, was named a 2023 Top Rated Litigator and 2023 Top Rated Lawyer by Martindale-Hubble and ALM, and was recently named a 2023 Elite Lawyer of the South by Martindale-Hubble for the fifth year in a row, and was a recipient of Avvo Client’s Choice Award in 2021, in 2022 was featured in the Top 100 Lawyers Magazine and received the Lifetime Achievement Award by Premier Lawyers of America (2019–2021).

This will most likely be the only call you need to make. (855) 846–6529 or [email protected].

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 class action against PacWest Bancorp. 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