The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Cadence Bancorporation (NYSE: CADE) who purchased shares between July 23, 2018 and July 22, 2019. The action, which was filed in the United States District Court for the Southern District of Texas, alleges that the Company violated federal securities laws.
In particular, the Cadence lawsuit alleges that (1) the Company lacked adequate internal controls to assess credit risk; (2) as a result, certain of the Company’s loans posed an increased risk of loss; (3) as a result, the Company was reasonably likely to incur significant losses for certain loans; (4) the Company’s financial results would suffer a material adverse impact; and (5) 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.
Shareholders have until November 15, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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