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CORRECTING and REPLACING Carney Williams Announces December 21, 2010, Deadline for PrivateBancorp, Inc. Shareholders

^{Published on 2010-12-16 15:16:39 - Market Wire}
 

LITTLE ROCK, Ark.--([ BUSINESS WIRE ])--First graph, first sentence of release dated December 14, 2010, should read: A shareholder lawsuit has been filed in the Northern District of Illinois on behalf of purchasers of PrivateBancorp, Inc. (NASDAQ: PVTB) common stock between November 2, 2007 and October 23, 2009. (sted A shareholder lawsuit has been filed in the Northern District of Illinois on behalf of purchasers of PrivateBancorp, Inc. (NASDAQ: PVBT) common stock between November 2, 2007 and October 23, 2009.).

The corrected release reads:

CARNEY WILLIAMS ANNOUNCES DECEMBER 21, 2010, DEADLINE FOR PRIVATEBANCORP, INC. SHAREHOLDERS

A shareholder lawsuit has been filed in the Northern District of Illinois on behalf of purchasers of PrivateBancorp, Inc. (NASDAQ: PVTB) common stock between November 2, 2007 and October 23, 2009. Shareholders interested in serving as lead plaintiff for this class action have until December 21, 2010 to inform the court. For more information contact [ Carney Williams, PLLC ].

PrivateBancorp, certain senior executives and directors and the underwriters of the Companya™s 2008 and 2009 offerings, and its independent auditor are alleged to have violated federal securities laws by issuing false and misleading statements about the Companya™s business and financial results.

The action against PrivateBancorp alleges that it concealed from investors the truth about the Strategic Growth and Transformation Plan (aGrowth Plana), which the Company credited for more than doubling ita™s loan portfolio to over $12 billion in less than three years. However, according to the complaint, PrivateBancorp officials routinely sacrificed loan quality for quantity under the Growth Plan. Specifically, the complaint alleges that PrivateBancorp artificially inflated the Companya™s stock price by misleading investors about the Companya™s exposure to delinquent and nonperforming loans, the adequacy of loan loss reserves and the amount of write-offs needed to address the Companya™s growing credit quality concerns. While concealing the truth from investors and through the use of materially false and misleading offering materials, the Company raised hundreds of millions of dollars from investors in two registered public offerings in 2008 and 2009.

In October of 2009, PrivateBancorp shocked investors when it reported third quarter earnings far below expectations. Further, the Company finally revealed the true nature of its loan quality under the Growth Plan when it announced that it held almost $400 million in nonperforming loans as of the third quarter of 2009. In response to these disclosures Private Bancorp stock price dropped by more than 37%.

If you own shares of PrivateBancorp, strict deadlines may affect your rights. For more information about this lawsuit and your legal rights, contact, Darrin Williams or Randy Pulliam or toll free at 1-888-551-9944.