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The Rosen Law Firm Files Securities Class Action Charging Commonwealth Bankshares, Inc. With Securities Fraud -- CWBS

NEW YORK, Jan. 23, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced it has filed a class action lawsuit on behalf of all purchasers of Commonwealth Bankshares, Inc. (OTC Markets:CWBS) stock between May 9, 2008 and September 23, 2011, inclusive (the "Class Period").

To join the Commonwealth class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Kevin Chan toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The case is pending in the United States District Court for the Eastern District of Virginia, Norfolk Division. You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint charges that Commonwealth and certain of its officers and directors violated the federal securities laws by concealing the Company's true financial condition. The complaint asserts that Defendants masked the Company's deteriorating loan portfolio by fraudulently underreporting the Company's allowance and provision, for loan and lease losses. The Complaint alleges that this adverse information, released through partial disclosures, caused the price of Commonwealth stock to fall and ultimately contributed to Commonwealth's failure.

A class action lawsuit has already been filed on behalf of Commonwealth shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.

CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan The Rosen Law Firm P.A. Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 275 Madison Avenue, 34th Floor New York, New York 10016 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.comSource: The Rosen Law Firm PA PC