Commonwealth Investor Suit Says Execs Hid Financial Woes

Law360, Los Angeles (February 06, 2013, 9:51 PM ET) -- Top executives at Commonwealth Bankshares Inc., the holding company for the now-defunct Bank of the Commonwealth, were hit with a proposed class action Wednesday by an investor who says they fraudulently concealed the bank’s financial information, resulting in the indictment of six insiders.

Wednesday’s securities complaint, filed in Virginia federal court by shareholder Aaron Masterson, comes less than a month after the U.S. Securities and Exchange Commission sued the bank’s former top managers, Edward J. Woodard, Cynthia A. Sabol and Stephen G. Fields, for allegedly violating...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required

Case Information

Case Title

Masterson v. Commonwealth Bankshares et al

Case Number

2:13-cv-00062

Court

Virginia Eastern

Nature of Suit

Securities/Commodities

Judge

Mark S. Davis

Date Filed

February 6, 2013

Sections

Law Firms Mentioned

Companies Mentioned

Government Agencies Mentioned

Related Articles