November 3, 2011 - The court entered a judgment in favor of the defendants, dismissing the case with prejudice.
March 25, 2011 - The defendants filed a motions to dismiss.

February 18, 2011 - The lead plaintiff filed an amended complaint.

January 25, 2011 - The lead plaintiff and lead counsel were appointed.

December 21, 2010 - Lead plaintiff motions were filed.

October 22, 2010 - An investor in shares of PrivateBancorp Inc (NASDAQ: PVTB) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against PrivateBancorp Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 2, 2007 and October 23, 2009.

According to the complaint the plaintiff alleges that Chicago based PrivateBancorp Inc, certain of its senior executives and directors, the underwriters of PrivateBancorp Inc's public offerings in June 2008 and May 2009 violated Federal Securities Laws by engaging in improper behavior and by issuing materially false and misleading statements regarding PrivateBancorp Inc's business and financial results that harmed PrivateBancorp Inc's investors. PrivateBancorp Inc reported in 2008 $92.94million Net Loss and in 2009 $30.06million Net Loss.

Specifically, the complaint alleges that the defendants misrepresented the PrivateBancorp Inc's Strategic Growth and Transformation Plan which led PrivateBancorp Inc to generate hundreds of millions of dollars in commercial and industrial loans that were high risk, and that PrivateBancorp Inc misrepresented the quality of its residential loan portfolio, which was suffering severe deterioration. The plaintiff alleges that as a result of defendants' false statements, PrivateBancorp Inc's stock traded at artificially inflated prices between November 2, 2007 and October 23, 2009 and while PrivateBancorp Inc's stock was artificially inflated, PrivateBancorp Inc conducted two public offerings, one in June 2008 and one in May 2009, resulting in hundreds of millions of dollars in net proceeds to PrivateBancorp Inc.

On October 26, 2009, before the market open PrivateBancorp Inc announced its third quarter 2009 earnings results.

The plaintiff alleges that despite having written off in excess of $100 million in bad loans in January 2009, PrivateBancorp Inc announced that it held almost $400 million in nonperforming loans as of the third quarter 2009. PrivateBancorp Inc further disclosed that its elevated levels of nonperforming loans were originated under the PrivateBancorp Inc’s Strategic Growth and Transformation Plan.

Shares of PrivateBancorp Inc (NASDAQ: PVTB) traded in 2006 as high as over $46 per share. PVTB shares lost value in 2007 to $25.57 per share in August 2007. PVTB share regained value over the next two months and traded in the end of October 2007 at almost $35 per share. Then November 2007 PrivateBancorp Inc shares lost again value to roughly $26 per share. Between November 2007 and October 2009 PrivateBancorp Inc shares traded at high as $42 per share in September 2008 and as low as $9.13 per share on October 23, 2010. Recently PrivateBancorp Inc shares traded at $11.81 per share, down from its current 52weekHigh of $19.93 per share.