NEW YORK, NY / ACCESSWIRE / November 15, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Cadence Bancorp ("Cadence" or the "Company") (NYSE:CADE) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Cadence securities between July 23, 2018 and July 22, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site:www.bgandg.com/cade.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (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, Cadence announced that the Company's financial and operating results for the second quarter of 2019 were "negatively impacted by higher credit costs including net charge-offs of $18.6 million and loan provisions of $28.9 million," which caused Cadence to miss second quarter earnings expectations. On this news, Cadence's stock price fell $3.75 per share, or 19.12%, to close at $15.86 per share on July 22, 2019.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/cade or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cadence you have until November 15, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC