Business & Finance
Business and Finance
Business and Finance
Wed, August 11, 2010
Tue, August 10, 2010 Kahn Swick & Foti, LLC and Former Attorney General of Louisiana Announce Investigation Into CVB Financial Corp. - CVBF
NEW ORLEANS--([ BUSINESS WIRE ])--The law firm of Kahn Swick & Foti, LLC (aKSFa) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., announce the commencement of an investigation into CVB Financial Corp. ("CVB Financial" or the "Company") (Nasdaq: CVBF) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
Shares of CVB Financial plunged almost 25% in early trading today, after CVB Financial revealed that it had received a subpoena from the United States Securities & Exchange Commission, which asked for information about how the California bank handles troubled loans. In morning trading, shares fell to as low as $7.75, a decline of $2.55 compared to the prior daya™s close of $10.30 per share.
According to news reports, the Company revealed that it received the subpoena from the Los Angeles office of the SEC on July 26, according to a quarterly regulatory filing by the lender on Monday. The subpoena requests information about CVB's loan underwriting guidelines, its allowance for credit losses and the way the bank calculates its allowance for loan losses, according to the filing, and about CVB's methodology for grading loans and how it makes provisions for loan losses. The subpoena also requests information about presentations CVB has given or conferences the bank has attended with analysts, brokers, investors or prospective investors, it added in the filing.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Director of Client Relations, Neil Rothstein, Esq. ([ neil.rothstein@ksfcounsel.com ]), toll free at 877-694-9510, or via cell phone 330-860-4092, or KSF Managing Partner, Lewis Kahn ([ lewis.kahn@ksfcounsel.com ]), toll free 1-866-467-1400, ext. 200, after hours via cell phone 504-301-7900. KSF attorneys have significant experience in representing both institutional and individual shareholders in securities fraud litigation nationwide. KSF encourages both institutional and individual purchasers of CVB Financial to contact the firm to discuss the investigation.
For more information on KSF, please visit [ www.ksfcounsel.com ].
