DENVER, April 15, 2010 (GLOBE NEWSWIRE) -- The law firm of Dyer & Berens LLP (www.DyerBerens.com) 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%.
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 October 26, 2009 announcement.
If you have information relevant to the investigation, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362 or via email at jeff@dyerberens.com.
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.