Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PacWest Bancorp ("PacWest" or the "Company") (NASDAQ: PACW) investors that a lawsuit filed on behalf of investors that purchased PacWest securities between February 28, 2022 and May 3, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
PacWest, a holding company for Pacific Western Bank, relied on deposits and external financing. The value of its deposit base was linked to Federal Reserve interest rates. After aggressive rate hikes in 2022 and 2023, several smaller banks, like Silvergate and Silicon Valley Bank, faced liquidity crises, echoing concerns for PacWest due to its venture-focused model and concentration in specific industries. PacWest initially reassured its financial strength but later faced negative reports and a substantial deposit decline. Subsequently, PacWest entered an agreement to be acquired by Banc of California. Investors alleged that PacWest's management failed to disclose the risks of interest rate hikes and the vulnerability of its deposit base, leading to a significant decline in its stock price.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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