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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit
Class Action | 2010/09/07 07:13

The Shuman Law Firm today announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of CVB Financial Corporation between October 21, 2009 and August 9, 2010, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.

The Complaint alleges that CVB and certain of its officers and directors violated federal securities laws by making a series of materially false and misleading statements. Specifically, the Complaint alleges that defendants had propped up the Company's results by manipulating CVB's accounting for costs and expenses by failing to properly account for impaired loans. On August 9, 2010, defendants disclosed that the Company was the subject of an investigation by the SEC into possible accounting violations related to the manner in which defendants accounted for troubled loans. This disclosure had an immediate impact on the price of Company shares, which fell 22% to close at $8.00 per share on August 10, 2010.

If you purchased CVB common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than October 22, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.




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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
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