CVB Financial Corp (NASDAQ: CVBF) Investor Securities Class Action Lawsuit 08/23/2010

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Company Name(s): 
Citizens Business Bank(CVB)
Case Name: 
Citizens Business Bank(CVB) Shareholder Class Action Lawsuit 08/23/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CVBF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/24/2010
Class Period Begin: 
03/04/2010
Class Period End: 
08/09/2010
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
10/22/2010
Date Settled: 
12/05/2016
Settlement Amount: 
$6,200,000
Deadline to Participate in Settlement: 
04/18/2017
Summary: 

December 5, 2016 - The court preliminarily approved the settlement.

November 4, 2016 - Parties filed a stipulation of settlement.

February 1, 2016 - The U.S. Court of Appeals for the Ninth Circuit affirmed in part, reversed in part and remanded the order of the District Court.

October 24, 2013 - The lead plaintiff filed a notice of appeal.

September 27, 2013 - The court issued a judgment dismissing the case.

June 3, 2013 - The lead plaintiff filed a notice of intent not to file an amended complaint.

May 9, 2013 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to file an amended complaint.

October 25, 2012 - The defendants filed a motion to dismiss.

September 20, 2012 - The lead plaintiff filed a second amended complaint.

August 21, 2012 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to file an amended complaint.

March 26, 2012 - The defendants filed a motion to dismiss.

February 27, 2012 - The lead plaintiff filed an amended complaint.

January 12, 2012 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to file an amended complaint.

May 13, 2011 - The defendants filed a motion to dismiss.

March 7, 2011 - The lead plaintiff filed a consolidated complaint.

January 21, 2011 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 22, 2010 - Lead plaintiff motions were filed.

August 23, 2010 - An investor in shares of CVB Financial Corp (NASDAQ: CVBF) filed a lawsuit in the U.S. District Court for the Central District of California against CVB Financial Corp over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 21, 2009 and August 9, 2010.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of CVB Financial Corp (NASDAQ: CVBF) between October 21, 2009 and August 9, 2010 that CVB Financial Corp, and certain of its Officers violated the Securities Exchange Act of 1934 by issuing between October 21, 2009 and August 9, 2010 a series of materially false and misleading statements related to its business and operations.

On August 9, 2010, after the close of trading, CVB Financial Corp disclosed that on July 26, 2010, it received a subpoena related to its lending practices from the Los Angeles office of the United States Securities & Exchange Commission. CVB Financial Corp stated in its second-quarter 10-Q filing that the focus of the SEC investigation was its loan underwriting guidelines, provisions for loan losses and loan risk grading. In addition, the subpoena requests information regarding presentations CVB Financial has given or conferences it has attended with analysts, brokers, investors or prospective investors.
Then on August 10, 2010, CVB shares declined over 22% to close at $8 per share. CVB Financial Corp. shares (NASDAQ: CVBF) are currently down from its 52weekHigh of $11.85 per share and traded during 2007 CVBF shares as high as $13.20 per share, and during 2008 as high as $15.01 per share. CVBF shares traded recently at $7.31 per share.

CVB Financial Corp, located in Ontario, California, is a bank holding company of Citizens Business Bank.