Contact PacWest Bancorp stock loss lawyer Timothy L. Miles about a PacWest 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.
If you suffered losses in PacWest Bancorp stock and wish to serve as lead plaintiff in the PacWest Bancorp class action lawsuit, please 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 for answers to four frequently asked questions in the PacWest Bancorp class action lawsuit.
what are 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%.
HOW WAS THE CLASS PERIOD DETERMINED IN THE PACWEST BANCORP CLASS ACTION LAWSUIT?
In a securities fraud class action such as the PacWest Bancorp class action lawsuit, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
In order to be a part of the class in the PacWest Bancorp class action lawsuit, you must have suffered losses in PacWest Bancorp stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against PacWest Bancorp.
HOW CAN A PACWEST BANCORP STOCK LOSS LAWYER HELP ME IF I SUFFERED LOSSES IN PACWEST BANCORP STOCK?
A PacWest Bancorp stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct.
Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions.
Call a PacWest Bancorp stock loss Lawyer today if you suffered losses in PacWest Bancorp stock about the PacWest Bancorp class action lawsuit who will fight to recover your suffered losses in PacWest Bancorp stock as well as make sure all the proper steps are taken to protect your investment.
IF I SUFFERED LOSSES IN SUFFERED LOSSES IN PACWEST BANCORP STOCK, WHEN CAN I EXPECT TO RECEIVE MY PAYMENT IF THE PACWEST BANCORP CLASS ACTION LAWSUIT SETTLES?
If there is a settlement in the PacWest Bancorp class action lawsuit, you should receive a court ordered Notice through the mail which will provide a date when the court will hold a final hearing to decide if it will approve the settlement. If your address changed, you may also find lawsuits through sites such as Consumer Action and ClassAction.org along with instructions on how to submit a claim. The Notice will instruct you what you need to do to file a claim. In some class action settlements, you are automatically submitted and need to do nothing further. However, in others, you may be required to submit more information to proceed such as documentation proving your purchase, such as a receipt or brokerage slip or other evidence that you bought or sold PacWest Bancorp stock during the class period and suffered losses in PacWest Bancorp stock.
The court will hold a final hearing in the PacWest Bancorp class action lawsuit on a date provided in the Notice to decide whether to finally approve the settlement. If the Court finally approves the settlement, and there are no objections or appeals, settlement payments will be mailed to all Participating Class Members within a few months. However, if there are objections or appeals, resolving them can take a significant amount of time, perhaps more than a year to resolve 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.
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,Class Action: Class Action: Top 9National Trial Lawyers, National Trial Lawyers Association (2023), a superb ratedattorney 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.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
Email: [email protected]
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