Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of CVB Financial Corp. common stock during the period between October 21, 2009 and August 9, 2010 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 23, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Dave Walton of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/cvb/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges CVB and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CVB is a financial services company and the bank holding company for Citizens Business Bank.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results and engaged in improper behavior that harmed CVB's investors by failing to disclose the extent of seriously delinquent commercial real estate loans and by failing to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false. As a result of defendants' false statements, CVB's stock traded at artificially inflated prices during the Class Period, reaching a high of $11.46 per share on April 22, 2010. The top officers and directors of CVB benefited, as the Company's purportedly favorable financial results contributed to the compensation paid to the top officers.

Then, on August 9, 2010, after the market closed, CVB filed its Form 10-Q with the Securities and Exchange Commission (the "SEC") for the second quarter of 2010, revealing that on July 26, 2010, the Company had received a subpoena from the SEC requesting information about the Company's loan underwriting guidelines and its allowance for credit losses. The SEC was also seeking information about CVB's methodology for grading loans and how it calculates provisions for loan losses. On this news, CVB's stock fell $2.30 per share to close at $8.00 per share on August 10, 2010 -- a one-day decline of over 22% and a 30% decline from the stock's Class Period high.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) defendants failed to properly account for CVB's commercial real estate loans, failing to reflect impairment in the loans; (b) CVB had not adequately reserved for loan losses such that its financial statements were presented in violation of Generally Accepted Accounting Principles; and (c) defendants failed to maintain proper internal controls related to CVB's accounting for its loan loss reserves.

Plaintiff seeks to recover damages on behalf of all purchasers of CVB common stock during the Class Period (the "Class"). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.

SOURCE: Robbins Geller Rudman & Dowd LLP

Robbins Geller Rudman & Dowd LLP
Dave Walton, 800-449-4900 or 619-231-1058
djr@rgrdlaw.com