Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against BancorpSouth, Inc.
May 13 2010 - 6:50PM
Marketwired
Bronstein, Gewirtz & Grossman, LLC announces that a class
action has been filed in the United States District Court for the
Middle District of Tennessee on behalf of those who purchased or
otherwise acquired stock of BancorpSouth, Inc. ("Bancorp" or the
"Company") (NYSE: BXS) during the period between July 23, 2009
through and including February 25, 2010 (the "Class Period").
The complaint charges Bancorp and certain of its officers and
directors with violations of Securities Exchange Act of 1934. The
complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
business by failing to disclose the extent of seriously delinquent
commercial real estate and construction and land loans. The Company
also failed to adequately and timely record losses for its impaired
loans, causing its financial statements to be materially false. As
a result, Bancorp's stock traded at artificially inflated prices
during the Class period, reaching a high of $25.13 per share on
October 14, 2010.
On February 25, 2010, after the market closed, Bancorp announced
that it would be postponing the filing of its form 10K with the SEC
for the year December 31, 2009, in order to further review its
allowance for credit losses and their impact on the Company's
results. Bancorp further reported that based on its review, it
expected to adjust its previously reported financial results for
the quarter and year ended December 31, 2009 to decrease net
income. On this news, Bancorp's stock fell $3.10 per share to close
at $19.47 per share on February 26, 2010, a one-day decline of over
13% on high volume, and a decline of 23% from the stock's Class
Period high.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact either Peretz Bronstein or Eitan
Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484
or via email eitan@bgandg.com. Those who inquire by e-mail are
encouraged to include their mailing address and telephone number.
July 12, 2010 is the deadline for investors to seek a lead
plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate work, private securities offerings, and securities
arbitration.
Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz &
Grossman, LLC 212-697-6484 Email Contact
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