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Follow on Google News | Wilshire Bancorp, Inc. under Long Term Investor InvestigationThe Shareholders Foundation announces that an investigation on behalf of current long term investors in Wilshire Bancorp, Inc. was initiated and WIBC stockholders should send an email to mail@shareholdersfoundation.com
By: Shareholders Foundation, Inc. If you are a current long term investor in shares of Wilshire Bancorp, Inc. (NASDAQ WIBC) behalf including those who purchased (also) prior to March 2010 their WIBC shares and continue to hold those shares was announced, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm on behalf of current long term investors in stocks of Wilshire Bancorp, Inc. concerns whether certain current and/or former members of Wilshire Bancorp’s board of directors and certain executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit filed by investors who purchased WIBC shares only between March 15, 2010 and March 15, 2011. According to the complaint filed in in the United States District Court for the Central District of California the plaintiff alleges that Wilshire Bancorp, Inc. violated the Securities Exchange Act of 1934 by knowing or recklessly disregarding between March 15, 2010 and March 16, 2011 that their public statements concerning Wilshire Bancorp’s business, operations and prospects were materially false and misleading. Wilshire Bancorp, Inc. reported declining Net Income from $26.81million in 2007 to a Net Loss of $28.07million in 2010. Shares of Wilshire Bancorp, Inc. declined from over $18 during 2007 to as low as $3.65 per share, but increased to $11.55 in April 2010. Then on March 16, 2011, Wilshire Bancorp, Inc disclosed that it had conducted an internal investigation with assistance of outside independent professional firms and that its internal investigation was extensive and included loan related activities and other matters involving improper activities of a certain former loan officer. Wilshire Bancorp, Inc said that “a result of the investigation, management discovered a significant deficiency in the operating effectiveness of loan underwriting, approval and renewal processes for those loan originations and asset sales associated with the former loan officer.” Further, Wilshire Bancorp 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.” Shares of Wilshire Bancorp, Inc. fell from over $6.50 in the beginning of March 2011 to $4.73 on March 23, 2011 and closed on April 4, 2011 at $5.11 per share. If you are a current long term investor in shares of Wilshire Bancorp, Inc. (NASDAQ WIBC) behalf including those who purchased (also) prior to March 2010 their WIBC shares and continue to hold those shares was announced, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. # # # The Shareholders Foundation, Inc. is a professional portfolio monitoring service and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. End
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