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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuit Against PrivateBancorp, Inc. (Nasdaq:PVTB)

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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuit Against PrivateBancorp, Inc. (Nasdaq:PVTB) Powered By Docstoc
					Lieff Cabraser Heimann & Bernstein, LLP
Announces Class Action Lawsuit Against
PrivateBancorp, Inc. (Nasdaq:PVTB)
November 18, 2010 10:03 AM Eastern Time  

SAN FRANCISCO--(EON: Enhanced Online News)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that a class action lawsuit has been brought on behalf of purchasers of the common stock of
PrivateBancorp, Inc. (“PrivateBancorp”) (Nasdaq: PVTB) between November 2, 2007 and October 23, 2009,
inclusive (the “Class Period”), and investors who purchased or otherwise acquired PrivateBancorp’s common stock
in public offerings conducted on or about June 4, 2008 and May 11, 2009 (collectively, the “Offerings”).

If you purchased PrivateBancorp common stock during the Class Period and/or in the Offerings, you may move the
Court for appointment as lead plaintiff by no later than December 21, 2010. A lead plaintiff is a representative party
who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not
be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in this action.

PrivateBancorp shareholders who wish to learn more about this action and how to seek appointment as lead plaintiff
may visit Lieff Cabraser’s website at http://lieffcabraser.com/cases.php?CaseID=357 or contact attorney Sharon
Lee toll free at (800) 541-7358.

Background on PrivateBancorp Securities Class Litigation

The action, pending in the United States District Court for the Northern District of Illinois, was brought against
PrivateBancorp, certain of its officers and directors, and the underwriters of the Offerings for violations of federal
securities laws. PrivateBancorp, headquartered in Chicago, Illinois, provides various business and personal financial
services to middle-market commercial and commercial real estate companies, business owners, executives,
entrepreneurs, and families in the United States.

The action alleges that during the Class Period, defendants failed to disclose that the Company generated hundreds
of millions of dollars in risky commercial and industrial loans pursuant to its Strategic Growth and Transformation
Plan and that the Company’s residential loan portfolio was suffering severe deterioration. During the Class Period,
while PrivateBancorp’s stock traded at artificially inflated prices as a result of defendants’ material
misrepresentations, the Company conducted two public stock offerings that generated hundreds of millions of dollars
in net proceeds to the Company.

On October 26, 2009, PrivateBancorp announced disappointing financial results for the third quarter of 2009. In
addition, the Company revealed that it held approximately $400 million in non-performing loans as of the quarter, a
substantial increase from prior quarters. In response to this news, the price of PrivateBancorp fell $7.02 per share,
or approximately 37%, to close at $11.98.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally
recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the
nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to
overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor
for the last eight consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit
http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical
rules.

Contacts
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 415-956-1000

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