WILMINGTON, Del., July 25, 2016 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of stockholders of PrivateBancorp, Inc. (NASDAQ:PVTB) (“PrivateBancorp” or the “Company”) seeking to challenge the Company’s recently announced merger with Canadian Imperial Bank of Commerce (“CIBC”).
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, on June 29, 2016, PrivateBancorp and the CIBC announced the signing of a definitive merger agreement pursuant to which CIBC will acquire PrivateBancorp in a merger worth approximately $3.8 billion. As a result of the merger, PrivateBancorp shareholders are only anticipated to receive a ratio of 0.3657 shares of PrivateBancorp plus $18.80 in cash in exchange for each share of PrivateBancorp.
On July 12, 2016, a PrivateBancorp shareholder represented by another law firm filed a class action in the Circuit Court of Cook County, Illinois, Case No. 2016-CH-09135, challenging the transaction.
If you own shares of PrivateBancorp and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/privatebancorp-class-action-investigation or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.