NEW YORK, NY / ACCESSWIRE / September 23, 2019 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a motion for lead plaintiff in a securities class action filed on behalf of investors that purchased or acquired the securities of Cadence Bancorporation ("Cadence" or the "Company") (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.
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SOURCE: Bernstein Liebhard LLP
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