Faruqi & Faruqi, LLP Announces the Investigation of PrivateBancorp, Inc. (PVTB) Over the Proposed Sale of the Company to Canadian Imperial Bank of Commerce
Nadeem Faruqi, founding partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of PrivateBancorp, Inc. (“PrivateBancorp” or the “Company”) (NasdaqGS:PVTB) for potential breaches of fiduciary duties in connection with the sale of the Company to Canadian Imperial Bank of Commerce (“CIBC”) for approximately $3.8 billion.
The Company’s stockholders will only receive $18.80 in cash and 0.3657 of a CIBC share for each PrivateBancorp share or approximately $45.72 per share according CIBC’s share price on July 6, 2016. However, this consideration is below at least one analyst’s price target of $47.00 per share.
If you own common stock in PrivateBancorp and wish to obtain additional information and protect your investments free of charge, please fill out the form below or contact Nadeem Faruqi, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330. You may also contact Juan E. Monteverde, Esq. either via email at email@example.com or by telephone at (212) 971-1341.