PACW - SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in PacWest Bancorp of Class Action Lawsuit and Upcoming Deadline – PACW | Benzinga
NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against PacWest Bancorp ("PacWest" or the "Company") (NASDAQ:PACW) and certain officers. The class action, filed in the United States District Court for the Central District of California, and docketed under 23-cv-01685, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired PacWest securities between February 28, 2022 and May 3, 2023, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 ("Exchange Act").
If you are a shareholder who purchased or otherwise acquired PacWest securities during the Class Period, you have until November 13, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
PacWest operates as a holding company for its wholly-owned subsidiary, Pacific Western Bank ("PWB"), a regional bank based in Los Angeles, California. To support its operations, the Company depends primarily on deposits and external financing sources. Accordingly, PacWest purports to offer "traditional deposit products to businesses and other customers with a variety of rates and terms, including demand, money market, and time deposits" to small, middle-market, and venture-backed businesses.
As the holding company of PWB, the value of PacWest's deposit base is dependent upon interest rates established by the U.S. Federal Reserve (the "Fed") for federal funds—i.e., excess reserves that commercial banks and other financial institutions deposit at regional banks which can be then lent to customers. Specifically, when the Fed raises interest rates for federal funds, the value of fixed income securities declines. For example, beginning in March 2022, the Fed raised interest rates approximately eight times over the course of a year, elevating the federal ...