Wilshire Bancorp (WIBC) Reports Dismissal of Class Action; Remedies Internal Controls Weakness in 10-K

Wilshire Bancorp, Inc. (Nasdaq: WIBC), reports that the securities class action lawsuit filed against Wilshire Bancorp and certain of its current and former executives in the United States District Court for the Central District of California has been dismissed and the plaintiffs have been denied the right to re-file the action.

Separately, Wilshire Bancorp announced that in the Annual Report on Form 10-K filed today with the Securities and Exchange Commission for the year ended December 31, 2011, the Company reported that it has remediated the previously disclosed material weakness in internal controls on loan underwriting, approval, and renewal processes for certain loan originations and asset sales.

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