Commonwealth Bankshares is an American company primarily in the business of commercial banking.

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.