NASDAQ GS
PVTB

PrivateBancorp, Inc.

Shareholder Corporation Litigation

Rigrodsky & Long, P.A. Announces Investigation Of PrivateBancorp, Inc. (NASDAQ GS: PVTB) Buyout

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of PrivateBancorp, Inc. (“PrivateBancorp” or the “Company”) (NASDAQ GS: PVTB) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Canadian Imperial Bank of Commerce (“CIBC”) (NYSE: CM), in a transaction valued at approximately $3.8 billion.

Under the terms of the agreement, shareholders of PrivateBancorp will receive $18.80 in cash and 0.3657 of a share of CIBC for each share of PrivateBancorp they own.  Based on CIBC’s closing stock price on June 28, 2016, PrivateBancorp shareholders would have received compensation valued at approximately $47.00 per share.

The investigation concerns whether PrivateBancorp’s board of directors failed to adequately shop the Company and obtain the best possible value for PrivateBancorp shareholders before entering into an agreement with CIBC.  According to Yahoo! Finance, at least one analyst has issued a price target for PrivateBancorp stock at $49.00 per share.

If you own the common stock of PrivateBancorp and purchased your shares before June 29, 2016, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to info@rl-legal.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.

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