HAGENS BERMAN CDNL INVESTOR ALERT: Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) Faces Investigation Following Severe Margin Collapse, Q3 Net Loss, and Full-Year Guidance Withdrawal

SAN FRANCISCO, Nov. 13, 2026 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP, a leading national investor rights law firm, reminds investors in Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) of the ongoing securities investigation. This investigation follows Cardinal's disclosure of devastating third-quarter 2026 financial results, an unexpected net loss, a massive collapse in profitability, and the total withdrawal of its full-year 2026 financial forecast.

Investors who purchased or acquired Cardinal Infrastructure securities, including shares through or traceable to its June 24, 2026 secondary public offering, and who suffered significant losses, are encouraged to submit your losses now. 

• Visit: www.hbsslaw.com/cdnl 
• Contact Partner Reed Kathrein: 844-916-0895 | [email protected]

Q3 2026 Disclosures Expose Deep Operational and Estimating Failures

On November 12, 2026, Cardinal Infrastructure released its Q3 2026 financial results, which shocked Wall Street and triggered a massive sell-off, sending CDNL shares plummeting over 60%. Key disclosures driving the collapse include:

• Severe Earnings and Margin Collapse: Cardinal reported a net loss of $11.0 million (or -$0.21 per share), missing consensus analyst expectations by a wide margin and plunging from net income of $10.1 million in the prior-year period. Adjusted EBITDA margin collapsed by 13.3 percentage points down to 4.2% (dropping to $8.5 million from $21.4 million a year earlier). Gross margins similarly cratered to 5.4%.
• Massive Project Cost Overruns: Management disclosed $13.2 million in project estimate revisions, primarily tied to projects in the Carolinas, with just ten projects accounting for 61% of those negative revisions.
• Guidance Withdrawal and Acquisition Delay: Citing severe execution risks and forecasting unreliability, Cardinal completely withdrew its full-year 2026 revenue and Adjusted EBITDA margin guidance and announced the postponement of its planned Hughes Brothers Construction acquisition.
• Executive Exodus: Cardinal announced that Chief Financial Officer Michael Rowe is stepping down, adding severe management uncertainty to an already troubled operational outlook.

Context: The June 2026 Secondary Offering

Hagens Berman's investigation focuses heavily on whether the statements made by Cardinal Infrastructure in connection with its June 24, 2026 secondary public offering—which raised over $318 million in net proceeds through the sale of 4.6 million shares at $73.00 per share. Specifically, whether the company may have misrepresented or failed to disclose known cost pressures, project execution hurdles, and inflating cost estimates that ultimately materialized in Q2 and Q3.

"Our investigation focuses on whether Cardinal may have failed to disclose severe, pre-existing project cost overruns and estimation failures in its offering materials that are only now coming to light," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

What CDNL Investors & Whistleblowers Can Do

• Investors with Losses: If you invested in Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) shares and have substantial losses, submit your loss information here.  
• Whistleblowers: Persons with non-public information regarding Cardinal should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

Contact Reed Kathrein directly at (844) 916-0895 or via email at [email protected].

About Hagens Berman
Hagens Berman Sobol Shapiro LLP represents investors in securities fraud and shareholder rights litigation. The firm has recovered billions of dollars for defrauded investors and has been recognized among the nation's leading plaintiffs' securities law firms by ISS Securities Class Action Services. Hagens Berman has 90 attorneys in 10 offices and operates in three additional countries. For more information, visit https://www.hbsslaw.com, and learn more about the firm's securities fraud practice at @securitiesHB and https://www.hbsslaw.com/practices/investor-fraud.

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SOURCE Hagens Berman Sobol Shapiro LLP