Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of BancorpSouth, Inc.
March 15 2010 - 9:08PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against BancorpSouth, Inc.
(“BancorpSouth” or the “Company”) (NYSE:BXS) concerning possible
securities violations related to the Company’s public statements
regarding its financial performance. BancorpSouth operates as a
financial holding company for BancorpSouth Bank that provides
commercial banking and financial services to individuals and
small-to-medium size businesses in Mississippi, Tennessee, Alabama,
Arkansas, Texas, Louisiana, Florida, Missouri and Illinois.
The investigation concerns the Company’s February 25, 2010,
announcement that it will postpone the filing of BancorpSouth’s
Form 10-K for the year ended December 31, 2009, with the Securities
and Exchange Commission. According to the statement, “management
has determined...that certain asset quality indicators, including
the allowance for credit losses, and their impact on BancorpSouth's
financial statements for the quarter ended December 31, 2009 should
be further reviewed.” The Company further announced that
BancorpSouth’s financial results for the quarter and year ended
December 31, 2009, will be adjusted prior to issuance of the
Company’s Annual Report on Form 10-K, and that the adjustments are
expected to decrease net income.
As a result of this news, the next day BancorpSouth’s stock
price declined approximately 13%, to close on February 26, 2010, at
$19.25 per share, on extremely heavy trading volume of more than
6.8 million shares traded.
If you own shares of BancorpSouth, Inc. stock and suffered a
loss, if you have information or would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
www.howardsmithlaw.com.
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