Hagens Berman Reminds Investors With Losses Over $100,000 in Fifth Street Finance Corp.(NASDAQ GS: FSC), Fifth Street Asset M...
October 26 2015 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds investors with losses over $100,000 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 sizeable 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, FSC pushed
into risky, speculative investments at unsustainable leverage
levels and 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.
“After going public, Defendants could no longer hide their shady
dealings,” said Hagens Berman Partner Reed Kathrein. “Now that
their conduct has been made public, shareholders deserve
compensation for their losses.”
If you lost more than $100,000 in 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.
Reed Kathrein, (510) 725-3000
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