SOURCE: Izard Nobel LLP

August 30, 2010 18:01 ET

Izard Nobel LLP Announces Class Action Lawsuit Against CVB Financial Corporation

WEST HARTFORD, CT--(Marketwire - August 30, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of CVB Financial Corporation ("CVB" or the "Company") (NASDAQ: CVBF) between October 21, 2009 and August 9, 2010, inclusive (the "Class Period"). 

The Complaint charges that CVB and certain of its officers and directors violated federal securities laws by making a series of materially false and misleading statements. Specifically, the Complaint alleges that defendants had propped up the Company's results by manipulating CVB's accounting for costs and expenses by failing to properly account for impaired loans. 

On August 9, 2010, defendants filed with the Securities and Exchange Commission ("SEC") the Company's 2Q:10 Form 10-Q for the quarter ended June 30, 2010, in which defendants revealed that the Company was the subject of an investigation by the SEC into possible accounting violations related to the manner in which defendants accounted for troubled loans. This belated disclosure had an immediate adverse impact on the price of Company shares, which fell 22% to close at $8.00 per share on August 10, 2010.

If you are a member of the class, you may, no later than October 22, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/cvbfinancial/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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