LEAD PLAINTIFF DEADLINE IS NOVEMBER 15, 2019
NEW YORK, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Cadence Bancorporation (“Cadence” or the “Company”) (CADE) in the United States District Court for the Southern District of Texas on behalf of those who purchased or acquired the securities of Cadence Bancorporation between July 23, 2018 through July 22, 2019, inclusive (the “Class Period”).
Investors who purchased shares of Cadence Bancorporation are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Cadence Bancorporation., you may, no later than November 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Cadence Bancorporation.
The filed Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
- the Company lacked adequate internal controls to assess credit risk;
- as a result, certain of the Company’s loans posed an increased risk of loss;
- as a result, the Company was reasonably likely to incur significant losses for certain loans;
- the Company’s financial results would suffer a material adverse impact; and
- as a result, Cadence’s public statements were materially false and misleading at all relevant times.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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