The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of PacWest Bancorp (NASDAQ: PACW) who purchased securities between February 28, 2022 and May 3, 2023. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the PacWest lawsuit alleges that (i) PacWest had understated the impact of interest rate hikes on Pacific Western Bank (“PWB”), a smaller bank with excessive concentration in specific industries; (ii) accordingly, the Company had overstated the stability and/or sustainability of its deposit base; (iii) as a result, PacWest was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis; and (iv) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until November 13, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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