HAGENS BERMAN, NATIONAL SECURITIES LAW FIRM, Announces Investigation into Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) Following Post-Offering Stock Plunge

Partner Reed Kathrein Urges CDNL Investors with Losses to Contact Firm

SAN FRANCISCO, Oct. 30, 2026 /PRNewswire/ -- Hagens Berman, a national shareholder rights litigation firm, announces it has commenced an investigation into Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) regarding potential violations of federal securities laws. The investigation focuses on whether Cardinal misled investors regarding its operations and business prospects.

Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) Investors: Investors who purchased shares and suffered significant losses following the August 11 financial report are urged submit your losses now. 

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

INVESTIGATION OVERVIEW: CARDINAL INFRASTRUCTURE GROUP (NASDAQ: CDNL)

On June 24, 2026, Cardinal Infrastructure completed a secondary public offering of 4.6 million shares of Class A common stock at $73.00 per share, raising over $318 million in net proceeds. In the offering materials and May 2026 investor updates, Cardinal emphasized its growing project backlog—which reached $866 million as of June 30—as evidence of strong execution and accelerating demand.

However, on August 11, 2026, Cardinal released its Q2 2026 financial results, revealing severe profit margin compression despite reporting record top-line revenue:

• Earnings Miss: Adjusted EPS plummeted 51% year-over-year to $0.26 per share, drastically missing consensus analyst estimates of $0.47 per share.
• Margin Compression: Adjusted gross profit margin collapsed to 15.9% (down from 21.3% in Q2 2025), while Adjusted EBITDA margin fell to 12.4% (down from 18.6% in Q2 2025).
• Slashing Profitability Guidance: Management was forced to cut its full-year 2026 Adjusted EBITDA margin target down to 16%–18% (from prior guidance of greater than 20%)

Management attributed the margin collapse to escalating labor shortages, heavy reliance on expensive third-party equipment, and high subcontractor costs required to execute its rapidly expanding backlog in non-turnkey expansion markets.

Following these disclosures, Cardinal's stock price plunged over 36% in a single trading session, inflicting losses on investors.

Focus of Hagens Berman's CDNL Investigation

"Our investigation focuses on whether Cardinal was obligated to disclose cost pressures and equipment dependencies at the time it was emphasizing its expanding backlog," 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.

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