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 & Securities Information
Defendant: Commonwealth Bankshares
Industry: Regional Banks
Headquarters: United States
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.
First Identified Complaint
Robert Bogatitus, et al. v. Commonwealth Bankshares, et al.