Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at CVB Financial Corporation. (“CVB” or the “Company”) (NASDAQ: CVBF). CVB operates as a bank holding company for Citizens Business Bank that provides various retail banking and financial services to small to mid-sized businesses. The Company was founded in 1974 and is headquartered in Ontario, California.
Robbins Umeda LLP’s investigation concerns whether the Company’s directors and officers breached their fiduciary duty to CVB by causing it to issue materially inaccurate financial statements regarding its loan underwriting guidelines, its allowance for credit losses, and provision for credit losses.
On July 26, 2010, the Company received a subpoena from the Los Angeles office of the U.S. Securities and Exchange Commission, which requested information about statements that CVB made and the way it determines its: (i) loan underwriting guidelines; (ii) allowance for credit losses; (iii) allowance for loan loss calculation methodology; (iv) methodology for grading loans; (v) the process for making provisions for loan losses; and (vi) and provisioning for credit losses. On August 9, 2010, the Company announced its receipt of the subpoena. As a result of this announcement, the Company’s value declined 22%.
If you are a shareholder of CVB, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.