Brower Piven Announces The Filing of a Class Action Lawsuit Against Cardinal Financial Corporation - CFNL

STEVENSON, Md., Jan. 05, 2017 -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces it has commenced  a class action in the United States District Court for the Eastern District of Virginia on behalf of holders of the common stock of Cardinal Financial Corporation (Nasdaq:CFNL) (“Cardinal” or the “Company”).  Investors who wish to become proactively involved in the litigation have 60 days from the date of this notice to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action.  Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission (“SEC”) Rule 14a-9 in connection with the proposed acquisition of the publicly owned shares of Cardinal common stock by United Bankshares, Inc. (“United”), through its wholly owned subsidiary, UBV Holding Company, LLC.  On August 18, 2016, Cardinal and United jointly announced that they had entered into a definitive agreement under which United will acquire all of the outstanding shares of Cardinal for 0.71 United shares per Cardinal share.  As of the date of the announcement, the per share consideration for Cardinal shareholders had an implied value of approximately $27.69 and the aggregate consideration was worth approximately $912 million. The complaint alleges that the proposed consideration is inadequate in light of Cardinal’s true value and its growth prospects.  The complaint further alleges that the Form S-4 Registration Statement filed by United with the SEC on December 9, 2016 provides materially incomplete and misleading information about the Company and the proposed transaction, in violation of the Exchange Act.

If you are a shareholder of Cardinal and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

CONTACT:  Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
[email protected]