PrivateBancorp, Inc PVTB Securities Stock Fraud

Company:	PrivateBancorp, Inc
Ticker Symbol:	PVTB
Class Period:	Nov-2-07 to Oct-23-09
Date Filed:	Oct-26-10
Lead Plaintiff Deadline:	Dec-25-10
Court:	Northern District of Illinois
Allegations:

New York, NY A class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of purchasers of PrivateBancorp, Inc. ("PrivateBancorp" or the "Company") common stock during the period from November 2, 2007, to October 23, 2009, (the "Class Period"), and investors who purchased PrivateBancorp common stock in public offerings conducted on June 4, 2008, and May 11, 2009.

The complaint alleges that PrivateBancorp and certain of its officers violated U.S. federal securities laws by failing to disclose to investors that the value of its commercial and industrial loans, generated through the Company's Strategic Growth and Transformation Plan, had experienced severe deterioration.

On October 26, 2009, PrivateBancorp announced third quarter 2009 earnings below analyst estimates and $400 million in nonperforming loans as of the third quarter 2009, compared to $106.5 million as of September 30, 2008. The Company said that the nonperforming loans were originated under the Growth Plan. In reaction to the news, PrivateBancorp shares fell over 37%.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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