CVB Financial CVBF Stock Purchasers File Securities Fraud Class Action Lawsuit Complaint Against CVB Financial Over Alleged Accounting Practices Relating To Impaired Loans.
A securities fraud class action lawsuit has been filed against CVB Financial Corporation (“CVB Financial” or “CVB”) and certain CVB officers (collectively “Defendants”) in the United States District Court for the Central District of California on behalf of a class consisting of all purchasers of CVB Financial common stock (symbol: CVBF) during the period between October 21, 2009 and August 9, 2010, inclusive (the “Class Period”), alleging that defendants made a series of materially false and misleading statements related to CVB Financial’s business and operations in violation of the Securities Exchange Act of 1934, according to class action lawsuit news reports.
The CVB Financial securities fraud class action lawsuit complaint reportedly alleges, among other things, that defendants failed to properly account for impaired loans and that CVB was the subject of an investigation by the SEC into possible accounting violations related to the manner in which defendants accounted for CVB’s troubled loans.
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