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Case Status:    DISMISSED    
On or around 12/09/2014 (Notice of voluntarily dismissal)

Filing Date: January 22, 2013

According to the law firm press release, the complaint charges that Commonwealth and certain of its officers and directors violated the federal securities laws by concealing the Company’s true financial condition. The complaint asserts that Defendants masked the Company’s deteriorating loan portfolio by fraudulently underreporting the Company’s allowance for loan and lease losses and provision for loan and lease losses. The Complaint alleges that this adverse information, released through partial disclosures, caused the price of Commonwealth stock to fall and ultimately contributed to Commonwealth’s failure.

On February 8, 2013, a Notice of Voluntary Dismissal without Prejudice Pursuant To Fed. R. Civ. P. 41(a)(1)(A) was filed by the plaintiff in this case. However, another case in the same district remains pending against the defendant under the caption and case number: Masterson v. Commonwealth Bankshares et al.; 13-cv-00062.

On April 23, 2013, the Court issued an order appointing lead plaintiff and lead counsel in this case.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CWBS
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Virginia
DOCKET #: 13-CV-00032
JUDGE: Hon. Arenda L. Wright Allen
DATE FILED: 01/22/2013
CLASS PERIOD START: 05/09/2008
CLASS PERIOD END: 09/23/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 13-CV-00062
JUDGE: Hon. Arenda L. Wright Allen
DATE FILED: 02/06/2013
CLASS PERIOD START: 05/09/2008
CLASS PERIOD END: 09/23/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date