NEW YORK, Jan. 23, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Commonwealth Bankshares Inc. ("Commonwealth Bankshares" or the "Company") (OTC: CWBS).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company and its management fraudulently understated the Bank's loan loss reserves and concealed the Bank's inadequate internal controls, which ultimately caused the Bank to fail.
If you invested in Commonwealth Bankshares stock or options before September 23, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/CWBS. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Commonwealth Bankshares' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Francis McConville, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330