LOS ANGELES, April 8, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Wilshire Bancorp, Inc. ("WIBC" or the "Company") (Nasdaq:WIBC) between March 15, 2010 and March 16, 2011, inclusive (the "Class Period"), have until the May 30, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Fairservice v. Wilshire Bancorp, Inc.,et al., No. 11-cv-02645-VBF, has been assigned to the Honorable Valerie Baker Fairbank, United States District Judge for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to email@example.com, or visit our website at http://www.glancylaw.com.
The Complaint charges WIBC and certain of the Company's current and former executive officers with violations of federal securities laws. WIBC is the holding company of Wilshire State Bank, a California state-chartered bank that operates 24 branch offices in California, Texas, New Jersey and New York, and six loan production offices in Dallas, Houston, Atlanta, Denver, Annandale, Virginia, and Fort Lee, New Jersey, and is an SBA preferred lender nationwide. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning WIBC's business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had deficiencies in its underwriting, origination, and renewal processes and procedures; (2) that the Company was not adhering to its underwriting policies; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the above, the Company's statements were materially false and misleading at all relevant times.
On March 16, 2011, WIBC 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 those loan originations and asset sales associated with a former loan officer. Further, the Company disclosed that these processes lacked effective supervision and oversight and that the Company's operating efficiencies were hindered by the former chief executive officer and other management personnel.
As a result of this news, shares of WIBC declined $0.54 per share, more than 9%, to close on March 17, 2011, at $5.27 per share, on unusually heavy volume. The following day, WIBC shares further declined another $0.42, or 7.97%, to close on March 18, 2011, at $4.85.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing WIBC securities between March 15, 2010 and March 16, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the May 30, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing WIBC shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA Lionel Z. Glancy (310) 201-9150 or (888) 773-9224 Michael Goldberg email@example.com www.glancylaw.com