DEADLINE ALERT: Rigrodsky & Long, P.A. Reminds Shareholders of Commonwealth Bankshares, Inc. of Upcoming Deadline

WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:

• Do you, or did you, own shares of Commonwealth Bankshares, Inc. (OTC GREY: CWBS)?
• Did you purchase your shares before May 9, 2008, or between May 9, 2008 and September 23, 2011?
• Did you lose money in your investment in Commonwealth Bankshares, Inc.?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. reminders shareholders of Commonwealth Bankshares, Inc. (OTC GREY: CWBS) (“Commonwealth” or the “Company”) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the Company.

A complaint has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons or entities that purchased the common stock of Commonwealth between May 9, 2008 and September 23, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”). If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2013.

If you purchased shares of Commonwealth during the Class Period, or purchased shares prior to the Class Period and still hold Commonwealth, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at [phone], by e-mail to [e-mail], or at: http://www.rigrodskylong.com/investigations/commonwealth-bankshares-inc-cwbs.

A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.