The Law Offices of Timothy L. Miles
Under the Symbol:
SHAREHOLDER ALERT: The Law Offices of Timothy L. Miles Reminds Investors Cadence Bancorporation (CADE) Sued for Misleading Shareholders; Cadence Shareholders Urged to Contact the Firm
Sunday, October 27, 2019 7:15 AM
HENDERSONVILLE, TN / ACCESSWIRE / October 27, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that a purchaser of Cadence Bancorporation (CADE) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between July 23, 2018 and July 22, 2019. Cadence is a financial holding company that provides commercial banking products and services through its subsidiary.
Cadence Bancorporation (CADE) Accused of Misleading Shareholders
According to the complaint, throughout the relevant period, Cadence's financial reports demonstrated strong loan growth and overall stable credit. However, Cadence also acknowledged risks associated with managing credit, recognizing that "[its] business depends on [its] ability to successfully manage credit risk" and that potential loan losses exceeding its allowance for credit losses "may adversely affect [its] business." Despite these acknowledgements, Cadence failed to mention that it was experiencing a lack of adequate control to properly assess credit risk. As a result, Cadence's loans likely posed an increased risk of significant loss that would adversely impact the Company. These adverse effects were realized on July 22, 2019, when Cadence disclosed that its second quarter 2019 financial results had been negatively impacted by "higher credit costs including net charge-offs of $18.6 million and loan provisions of $28.9 million." On this news, Cadence's stock price fell $3.75, or 19%, per share to close at $15.86, and has yet to recover.
Cadence Shareghoders Urged to Contact the Firm
If you purchased Cadence securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Email: [email protected] Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles