Hagens Berman Alerts Fifth Street Finance Corp.(NASDAQ GS: FSC), Fifth Street Asset Management Inc., and Fifth Street Senior ...
October 12 2015 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts investors of the November 30, 2015 lead plaintiff
deadline in the securities fraud class action lawsuit filed against
Fifth Street Finance Corp. (NASDAQ:FSC), and related to Fifth
Street Asset Management Inc. (NASDAQ:FSAM) and Fifth Street Senior
Floating Rate Corp. (NASDAQ:FSFR). If you have losses in your
investments in FSC, FSAM, or FSFR securities during the Class
Period, contact Hagens Berman Partner Reed Kathrein, who is leading
the firm’s investigation, by calling (510) 725-3000, emailing
FSC@hbsslaw.com or visiting
http://hb-securities.com/investigations/FSC.
The case was filed in the U.S. District Court for the Southern
District of New York on behalf of shareholders who purchased FSC
common stock between July 7, 2014 and February 6, 2015.
FSC is a specialty finance company managed by FSAM that lends to
and invests in small and mid-sized companies, primarily in
connection with investments by private equity sponsors. The
two companies are intertwined – FSC founder Leonard M. Tannenbaum
and his associates were the private owners of FSAM before taking it
public in October 2014. Because FSC is FSAM’s largest customer, its
revenues are tied directly to FSC’s gross assets and recorded
income. Basically, the larger FSC's asset portfolio became and the
more income it recorded, the greater FSAM’s revenue stream would
appear to investors. The direct result was that Tannenbaum and his
associates could sell their FSAM shares to the public at inflated
prices during FSAM’s IPO.
The complaint alleges that during the Class Period, defendants
artificially inflated FSC’s assets and investment income to
increase FSAM’s revenue. FSC pushed into risky, speculative
investments at unsustainable leverage levels, delayed writing down
impaired investments to create the appearance of increasing
revenues for FSAM. Defendants also systematically overstated the
income generated by FSC’s investments and the fair value of its
portfolio while simultaneously providing investors and the market
with false and misleading portrayals of the Company’s business
trends and expected performance.
If you were negatively impacted by your investments in FSC,
FSAM, or FSFR securities between July 7, 2014 and February 6, 2015,
inclusive, and would like to learn more about this lawsuit and your
ability to participate as a lead plaintiff, please contact us for
your no-cost evaluation.
Whistleblowers: Persons with non-public
information regarding FSC, FSAM, or FSFR should consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at (510) 725-3000 or
email FSC@hbsslaw.com.
About Hagens Berman Hagens Berman Sobol Shapiro LLP is an
investor-rights class-action law firm headquartered in Seattle,
Washington with offices in ten cities. The firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the firm and its successes can be found at
www.hbsslaw.com. Read the firm’s Securities Newsletter at
http://www.hb-securities.com/newsletter. The firm’s blog is located
at www.meaningfuldisclosure.com. For the latest news from Hagens
Berman, visit http://www.hbsslaw.com/newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, (510) 725-3000
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