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SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Cadence Bancorporation (NYSE: CADE) investors who have suffered losses in excess of $50,000 to submit their losses now to learn if they qualify to recover their investment losses. Only two days remain until the November 15, 2019 lead plaintiff deadline in a securities fraud class action pending against the company.
Cadence Bancorporation (CADE) Securities Class Action:
According to the Complaint, Defendants misled investors about the adequacy of internal controls to assess credit risk and the increased risk of loss posed by certain of the Company’s loans. On July 22, 2019, the market learned the truth when Defendants announced disappointing 2Q 2019 results, including higher than expected credit costs. The price of CADE shares plummeted 19% that day.
On October 23, 2019, the Company and senior management announced 3Q 2019 net income per share of $0.34, or about 30% below the consensus EPS forecast. They again blamed the disappointment on elevated credit costs, deterioration in certain credits, increased charge-offs, and loan provisions.
If you invested in Cadence Bancorporation between July 23, 2018 and July 22, 2019 and suffered losses in excess of $50,000 you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately to obtain additional information about this case or being a lead plaintiff.
“We are focused on investors’ losses and Defendants’ statements about Cadence’s internal controls and asset quality,” said Hagens Berman partner Reed Kathrein.
If you purchased shares of CADE and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Cadence Bancorporation should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CADE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000