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Commonwealth Bankshares Inc (OTC: CWBS) Investor Securities Class Action Lawsuit 02/06/2013

  • If you purchased shares of Commonwealth Bankshares Inc (OTC: CWBS), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Commonwealth Bankshares Inc
Security
OTC: CWBS

Case Name
Commonwealth Bankshares Shareholder Class Action Lawsuit 02/06/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Virginia

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 10, 2014 - The court granted the motions to dismiss filed by an individual defendant and denied the motions to dismiss of some additional defendants. The court granted in part and denied in part a motion to dismiss filed by another individual defendant wherein the direct liability Section 10(b) claims, are dismissed without prejudice and denied in part as to all other arguments. In addition, the lead plaintiffs' request for leave to file a second amended complaint is granted.
July 16, 2013 - The lead plaintiffs filed a notice of voluntary dismissal of a certain defendant without prejudice.

July 15, 2013 - The lead plaintiffs filed an amended complaint.

April 23, 2013 - A lead plaintiff filed a notice of voluntary dismissal of a certain defendant without prejudice.

April 23, 2013 - The lead plaintiffs and lead counsel were appointed.

April 15, 2013 - A defendant filed a motion to dismiss.

March 25, 2013 - A lead plaintiff motion was filed.

February 8, 2013 - The originally filing plaintiff filed a notice of voluntary dismissal without prejudice as to all defendants.

February 6, 2013 - Another investor filed a complaint.

January 22, 2013 - An investor in shares of Commonwealth Bankshares Inc (OTC: CWBS) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia against Commonwealth Bankshares Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 9, 2008 and September 23, 2011.

The complaint charges that Commonwealth Bankshares Inc and certain of its officers and directors violated the federal securities laws by concealing Commonwealth Bankshares Inc's true financial condition. The complaint asserts that defendants masked Commonwealth Bankshares Inc's deteriorating loan portfolio by fraudulently under reporting Commonwealth Bankshares Inc's allowance and provision, for loan and lease losses. The complaint alleges that this adverse information, released through partial disclosures, caused the price of Commonwealth Bankshares Inc's (OTC: CWBS) stock to fall and ultimately contributed to Commonwealth Bankshares Inc's failure.