According to the lawsuit, defendants made false and misleading statements as well as failed to disclose material adverse facts about the PacWest’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that:
- PacWest had understated the impact of interest rate hikes on Pacific Western Bank (“PWB”), a smaller bank with excessive concentration in specific industries;
- accordingly, PacWest had overstated the stability and/or sustainability of its deposit base;
- as a result, PacWest was exceptionally vulnerable to excessive deposit flows and/or a liquidity crisis; and
- as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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