Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in BancorpSouth, Inc. to Inquire About t
May 16 2010 - 12:37PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Middle District of Tennessee on behalf of purchasers
of the common stock of BancorpSouth, Inc. ("BancorpSouth" or the
"Company") (NYSE: BXS) during the period between July 23, 2009 and
February 25, 2010, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than July 12, 2010 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek
damages or to serve as a Lead Plaintiff. You may contact Brower
Piven (through hoffman@browerpiven.com or 410/415-6616) to answer
any questions you may have in that regard.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period the extent of its seriously
delinquent commercial real estate loans and construction and land
loans and that the Company had failed to adequately and timely
record losses for its impaired loans, causing its financial
statements to be materially false.. According to the complaint,
after, on February 25, 2010, the Company announced that it would be
postponing the filing of its Form 10-K with the SEC for the year
ended December 31, 2009, in order to further review its allowance
for credit losses and their impact on the Company's results and
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, the value of BancorpSouth's stock
declined significantly.
If you have suffered a net loss for all transactions in
BancorpSouth, Inc. common stock during the Class Period, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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