NEW YORK, June 30, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of PrivateBancorp Inc. ("PVTB" or the "Company") in connection with the proposed acquisition of the Company by Canadian Imperial Bank of Commerce ("CM"). On June 29, 2016, the Company announced it had reached a definitive agreement for CM to acquire all outstanding shares of PVTB in a cash-and-stock transaction valued at $38 billion. Under the terms of the agreement, PVTB shareholders will receive $18.80 in cash and 0.3657 of a share of CM for each PVTB share they own; representing a per share consideration of $46.38 based on CM's June 29, 2016 closing price.

WeissLaw is investigating whether PVTB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results for the first quarter of 2016; reporting net income of $49.6 million, representing an increase of approximately 20% year-over-year when compared to the $41.5 million reported in the same period of the previous year. Additionally, at least one analyst set a target price of $49.00 per share, or approximately $3.00 above the offer price.

Given these facts, WeissLaw is investigating the Board of Directors' decision to sell PVTB and whether PVTB shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own PVTB shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

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SOURCE WeissLaw LLP