| PrivateBancorp, Inc. (NASDAQ: PVTB) |
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The Law Firm of Dyer & Berens LLP Announces Its Investigation Concerning Losses Suffered by Certain PrivateBancorp, Inc. Investors
DENVER—The law firm of Dyer & Berens LLP announced today that it has initiated its own investigation concerning losses suffered by certain PrivateBancorp, Inc. investors (NASDAQ: PVTB).
On October 26, 2009, PrivateBancorp announced its third quarter 2009 financial results, which included a significantly increased allowance for loan losses, a considerable amount of which were attributed to loans originated by new management. In response, one analyst reportedly noted that: “We’re beginning to see a few signs of cracking in the new armor.” On this news, the company’s stock price plummeted more than 35%. Then, on April 26, 2010, the company announced an unexpected first-quarter loss as its provisions for loan losses reportedly quadrupled. In response, its stock price again dropped more than 13%.
The investigation concerns whether the company failed to timely increase its allowance for loan losses, whether its financial statements were presented in conformance with Generally Accepted Accounting Principles and whether the company’s share price was artificially inflated prior to the foregoing announcements.
If you have information relevant to the investigation, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362 or via email at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it . The law firm of Dyer & Berens LLP focuses on complex litigation on behalf of injured investors throughout the nation. For more information about the firm, please go to www.DyerBerens.com.
Contact: Jeffrey A. Berens Dyer & Berens LLP 303 East 17th Avenue, Suite 300 Denver, CO 80203 Tel: (888) 300-3362 or (303) 861-1764 Email: |