SOURCE: Brower Piven, A Professional Corporation

April 07, 2011 17:22 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Wilshire Bancorp, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 31, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 7, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Wilshire Bancorp, Inc. ("Wilshire Bancorp" or the "Company") (NASDAQ: WIBC) during the period between May 15, 2010 and March 16, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 31, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company had deficiencies in its underwriting, origination, and renewal processes and procedures and was not adhering to its own underwriting policies. According to the complaint, after, on March 16, 2011, Wilshire Bancorp disclosed that the Company had conducted an internal investigation with assistance of outside independent professional firms and the Company's internal audit department and discovered a significant deficiency in the operating effectiveness of loan underwriting, approval and renewal processes for loan originations and asset sales associated with a former loan officer and that these processes lacked effective supervision and oversight such that the Company's operating efficiencies were hindered by the former chief executive officer and other management personnel, the value of Wilshire Bancorp stock declined significantly.

If you have suffered a net loss for all transactions in Wilshire Bancorp, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact