NEW YORK, Sept. 18, 2019 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Cadence
Bancorporation ("Cadence" or the "Company") (NYSE: CADE) between
July 23, 2018 and July 22, 2019, inclusive (the "Class
Period"). The lawsuit filed in the
United States District Court for the Southern District of
Texas alleges violations of the
Securities Exchange Act of 1934.
If you purchased Cadence securities, and/or would like to
discuss your legal rights and options please visit Cadence
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that the Company lacked adequate internal controls
to assess credit risk; (2) that, as a result, certain of the
Company's loans posed an increased risk of loss; (3) that, as a
result, the Company was reasonably likely to incur significant
losses for certain loans; (4) that the Company's financial results
would suffer a material adverse impact; and (5) that, as a result
of the foregoing, Defendants' positive statements about the
Company's business, operations, and prospects were materially
misleading and/or lacked a reasonable basis.
On July 22, 2019, the Company
disclosed that "higher credit costs including net charge-offs of
$18.6 million and loan provisions of
$28.9 million" negatively impacted
its second quarter 2019 financial results.
On this news, the Company's stock price fell $3.75 per share, or over 19%, to close at
$15.86.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 15, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
If you purchased Cadence securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/cadencebancorporation-cade-shareholder-class-action-lawsuit-stock-fraud-181/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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