MINNEAPOLIS, Sept. 1, 2010 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of CVB Financial Corporation ("CVB" or the "Company") (Nasdaq:CVBF) publicly traded securities during the period October 21, 2009 through August 9, 2010 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 22, 2010. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
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 purchased CVB Financial Corporation stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
CONTACT: Charles H. Johnson & Associates (651) 633-5685