NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for Southern District of Texas on behalf of all investors that purchased Cadence Bancorp (NYSE: CADE) securities between July 23, 2018 and July 22, 2019 (“the “Class Period”). Investors have until November 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On July 22, 2019, Cadence 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 price of Cadence shares fell $3.75, or over 19%, to close at $15.86 per share on July 22, 2019.
The complaint, filed on September 16, 2019, 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.
If you purchased Cadence securities during the Class Period, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Cadence lawsuit, please go to https://bespc.com/cade. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.