June 22, 2012 - The court entered a judgment in favor of the defendants.
March 5, 2012 - The court dismissed the case.

February 8, 2012 - The court granted one of the defendants' motions to dismiss with leave to amend.

October 31, 2011 - Defendants filed motions to dismiss.

August 30, 2011 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Wilshire Bancorp Inc (NASDAQ: WIBC) common shares between March 12, 2009 and May 9, 2011. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 12, 2009 and May 9, 2011.

July 1, 2011 - Lead plaintiff and lead counsel were appointed.

May 31, 2011 - Lead plaintiff motion was filed.

May 24, 2011 - The plaintiff filed an amended complaint.

March 29, 2011 - An investor in shares of Wilshire Bancorp Inc (NASDAQ: WIBC) filed a lawsuit in the U.S. District Court for the Central District of California against Wilshire Bancorp Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 15, 2010 and March 16, 2011.

According to the complaint the plaintiff alleges on behalf of those who purchased the securities of Wilshire Bancorp Inc (NASDAQ: WIBC), between March 15, 2010 and March 16, 2011, that Wilshire Bancorp Inc and certain of its current and former executive officers violated the Securities Exchange Act of 1934 by knowing or recklessly disregarding between March 15, 2010 and March 16, 2011 that their public statements concerning Wilshire Bancorp Inc’s business, operations and prospects were materially false and misleading.

Wilshire Bancorp Inc reported declining Net Income from $26.81million in 2007 to a Net Loss of $28.07million in 2010. Shares of Wilshire Bancorp Inc declined from over $18 during 2007 to as low as $3.65 per share, but increased to $11.55 in April 2010.

Then on March 16, 2011, Wilshire Bancorp Inc disclosed that it had conducted an internal investigation with assistance of outside independent professional firms and that its internal investigation was extensive and included loan related activities and other matters involving improper activities of a certain former loan officer.
Wilshire Bancorp Inc said that “a result of the investigation, management discovered a significant deficiency in the operating effectiveness of loan underwriting, approval and renewal processes for those loan originations and asset sales associated with the former loan officer.”

Further, Wilshire Bancorp Inc disclosed that “these processes lacked effective supervision and oversight and that the Company's operating efficiencies were hindered by the former chief executive officer and other management personnel.”

Shares of Wilshire Bancorp Inc (NASDAQ: WIBC) fell from over $6.50 in the beginning of March 2011 to $4.73 on March 23, 2011 and closed on March 29, 2011 at $5.11 per share.