LOS ANGELES, April 29, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Wilshire Bancorp, Inc. ("Wilshire Bancorp" or the "Company") (Nasdaq:WIBC) between March 15, 2010 and March 16, 2011, inclusive (the "Class Period"), have 31 days until the May 30, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The class action lawsuit was filed in the United States District Court for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Wilshire Bancorp is the holding company of Wilshire State Bank, a California state-chartered bank that operates 24 branch offices in California, Texas, New Jersey and New York, and six loan production offices in Dallas, Houston, Atlanta, Denver, Annandale, Virginia, and Fort Lee, New Jersey, and is an SBA preferred lender nationwide. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Wilshire Bancorp's business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had deficiencies in its underwriting, origination, and renewal processes and procedures; (2) the Company was not adhering to its underwriting policies; (3) the Company lacked adequate internal and financial controls; and (4), as a result of the above, the Company's statements were materially false and misleading at all relevant times.
On March 16, 2011, Wilshire Bancorp disclosed that the Company had conducted an internal investigation, with assistance of outside independent professional firms and the Company's internal audit department, and discovered a significant deficiency in the operating effectiveness of loan underwriting, approval and renewal processes for those loan originations and asset sales associated with a former loan officer. Further, the Company 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.
As a result of this news, shares of Wilshire Bancorp declined $0.54 per share, more than 9%, to close on March 17, 2011, at $5.27 per share, on unusually heavy volume. The following day, Wilshire Bancorp shares declined another $0.42, or 7.97%, to close on March 18, 2011, at $4.85.
Any person or group who suffered a loss as a result of purchasing Wilshire Bancorp securities between March 15, 2010 and March 16, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the May 30, 2011 deadline.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.