Case docket
Chun Yao Chang v. Customers Bancorp, Inc., Jay S. Sidhu and Carla A. Leibold — court filings
Chun Yao Chang v. Customers Bancorp, Inc., Jay S. Sidhu, and Carla A. Leibold — 4 court filings in the archive from U.S. District Court for the Eastern District of Pennsylvania, filed between December 2, 2024 and October 28, 2025. Among them: 1 complaint, 1 memorandum or brief and 1 order.
Case facts
| Court | U.S. District Court for the Eastern District of Pennsylvania |
|---|---|
| Filings | 4 public filings |
| Filed | 2024-12-02 – 2025-10-28 |
| Document types | complaint (1), memorandum or brief (1), order (1), notice (1) |
| Original PDFs | 4 of 4 |
Case summary
Chun Yao Chang filed this securities class action on December 2, 2024 in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:24-cv-06416-JS, against Customers Bancorp, Inc., Jay S. Sidhu and Carla A. Leibold, on behalf of persons and entities who purchased or otherwise acquired publicly traded Customers Bancorp securities between March 1, 2024 and August 8, 2024. The claims arise under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint recounts the company's April 2024 termination of an officer and the Federal Reserve's August 8, 2024 enforcement action, a written agreement with the Federal Reserve Bank of Philadelphia concerning the company's digital asset strategy. The court denied the plaintiff's motion for appointment as lead plaintiff on June 24, 2025, and he dismissed the case voluntarily on October 28, 2025.
Case at a glance
| Parties | Plaintiff Chun Yao Chang, individually and on behalf of all others similarly situated; defendants Customers Bancorp, Inc., Jay S. Sidhu and Carla A. Leibold |
|---|---|
| Court and docket | U.S. District Court for the Eastern District of Pennsylvania, Civil Action No. 24-6416 (2:24-cv-06416-JS), Judge Juan R. Sánchez |
| Program | Not named in the filings on this page. The complaint concerns securities disclosures and the company's digital asset strategy, not a pandemic relief program |
| Claims | Violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5, 17 C.F.R. § 240.10b-5, for a class period of March 1, 2024 to August 8, 2024 |
| Disposition or status | Motion for appointment as lead plaintiff and approval of lead counsel denied June 24, 2025; the action was voluntarily dismissed without prejudice against all defendants on October 28, 2025 under Rule 41(a)(1)(A)(i), no defendant having answered or moved for summary judgment and no class having been certified |
| Status checked | 2026-09-23 · against DOJ press releases through 2026-09-22; court docket not yet read |
What does the complaint allege?
That the defendants violated the federal securities laws during a class period running from March 1, 2024 to August 8, 2024, and it seeks compensable damages for those violations. These are the complaint's allegations.
What events does the complaint point to?
The April 10, 2024 termination of Carla A. Leibold's employment for cause under her employment agreement, which she has disputed, after which the stock fell $2.40 per share, or 4.89 percent, to close at $46.62 on April 15, 2024; and the Federal Reserve press release of August 8, 2024 announcing an enforcement action and attaching a written agreement with the Federal Reserve Bank of Philadelphia about the company's digital asset strategy.
How did the case end?
The court denied the lead plaintiff motion on June 24, 2025, and the plaintiff filed a notice of voluntary dismissal without prejudice on October 28, 2025.
Summary written from the documents on this page; every sentence is sourced.
Filings
4 public filings from this case, in filing-date order.
- Class Action ComplaintComplaint · PDF
- Memorandum Denying Lead Plaintiff MotionMemorandum or brief · PDF
- Order Denying Lead Plaintiff MotionOrder · PDF
- Notice of Voluntary DismissalNotice · PDF
Court, dates and docket numbers are as recorded on the filings.