A federal lawsuit was filed Monday against CVB Financial Corp. alleging that the Ontario-based lender misled investors in the months leading up to the company's disclosure that it was under a Securities and Exchange Commission investigation.
Kahn Swick & Foti, a class-actions law firm with offices in Louisiana and New York, and Braun Law Group in Los Angeles, brought the suit on behalf of a shareholder, Barry R. Lloyd.

The lawsuit offers little information on the basis for the allegations, other than to say that CVB - which owns Citizens Business Bank - is the subject of an investigation into "possible accounting violations."

Lawyers filed the lawsuit in U.S. District Court in Riverside.

"The SEC has not charged CVB financial with anything," CVB Chief Executive Christopher Myers said Tuesday.

Lewis Kahn, founding partner of Kahn Swick & Foti and a lawyer on the case, did not respond to calls for comment.

More lawsuits against CVB are likely to crop up, said Dana Warren, director of the Business Law Practicum at Loyola Law School, whether or not the SEC discloses more information about the investigation.

Apollo Group Inc and several of its top executives have been slapped with a class action lawsuit for allegedly making misleading statements about the for-profit education company's operations.

The complaint filed in a federal court in Arizona alleges that Apollo and some of its executives made "materially false and misleading statements" between December 7, 2009, and August 3, 2010, about its business.

The complaint also alleges that these statements artificially inflated the trading price of Apollo common stock during that time, the company said in a regulatory filing.

Complainants are seeking compensatory damages, Apollo said, adding that it intends to defend the lawsuit vigorously.

The executives named in the lawsuit include Apollo's executive chairman, co-chief executive officers, chief financial officer and others.

Apollo, parent of the University of Phoenix, and the rest of the for-profit industry has come under intense regulatory scrutiny over enrollment practices and use of federal aid.

Last year, Apollo, considered bellwether of the industry, was investigated by the Securities and Exchange Commission for its revenue recognition practices.

Apollo's shares, which have fallen 20 percent in the last 3 months, fell about 3 percent in pre-market trade to $42.

The Securities Law Firm of Menzer & Hill, P.A., www.suemyadvisor.com or www.menzerhill.com, announced today an investigation into the 1861 Capital Management municipal arbitrage funds sold by UBS (NYSE:UBS) and other broker dealers. The funds we are currently investigating include: 1861 Capital Municipal Enterprise Domestic Fund, LP, 1861 Capital Municipal Enterprise Offshore Fund, Ltd., 1861 Capital Discovery Domestic Fund, LP, and 1861 Capital Discovery Offshore Fund, Ltd. In marketing 1861 to investors, UBS targeted high net worth individual investors who were generally risk averse, took a conservative approach to investing and were interested in the safety and security offered by tax free municipal bonds. The firms that used municipal arbitrage attempted to take advantage of differences between municipal bonds and other types of debt, including Treasury securities and corporate bonds. This was the strategy of the 1861 Municipal Arbitrage Fund. Unfortunately, many of these types of strategies are highly leveraged. The leverage, often downplayed in marketing material, caused massive losses with the collapse of the market in 2008 and 2009. Based on our analysis, there was lack of disclosure and/or misrepresentations concerning the risks of these products, and investors who were looking to preserve their capital sustained substantial losses.

Investors who purchased 1861 Capital Management municipal arbitrage funds are urged to explore their legal rights and options. The attorneys at the Securities Law Firm of Menzer & Hill, P.A. are dedicated to pursuing claims on behalf of investors who have suffered investment losses.

For a free case evaluation or to discuss any other investment losses, please contact the Securities Law Firm of Menzer & Hill, P.A., at 888-923-9223, or visit us on the web at www.suemyadvisor.com or www.menzerhill.com.

CONTACT:  Securities Law Firm of Menzer & Hill, P.A.          888-923-9223