LAWSUIT ALERT: The Law Firm of Andrews & Springer LLC Announces That a Securities Fraud Class Action Has Been Filed Against F...
November 23 2015 - 8:19AM
Andrews & Springer LLC, a boutique securities class action
law firm focused on representing shareholders nationwide, announced
today that a securities fraud class action lawsuit has been filed
in the U.S. District Court, Southern District of New York, Case No.
1:15-cv-07759, on behalf of investors of Fifth Street Finance Corp.
(NASDAQ:FSC) (“Fifth Street Finance” or the “Company”) that held
shares between July 7, 2014 and February 6, 2015 (the “Class
Period”). If you purchased Fifth Street Finance securities during
the Class Period, you may, no later than November 30, 2015, request
that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from Andrews & Springer
LLC or the Court. If you would like to join the class action,
please visit our website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
https://www.linkedin.com/company/andrews-&-springer-llc,
Twitter – www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
On October 1, 2015, a Fifth Street Finance shareholder filed a
securities fraud class action lawsuit against the Company.
According to the complaint, Fifth Street Finance executives,
throughout the Class Period, engaged in a fraudulent scheme to
artificially inflate Fifth Street Finance Corp.'s assets and
investment income to increase Fifth Street Asset management's
revenue by: (1) pushing Fifth Street Finance Corp. into
increasingly risky investments at unsustainable leverage levels;
(2) delaying the write down of impaired investments to create the
appearance of increasing revenues for Fifth Street Asset
Management; and (3) systematically overstating the income generated
by Fifth Street Finance Corp.'s investments and the fair value of
its portfolio, while simultaneously providing the investing public
with false and misleading portrayals of Fifth Street Finance
Corp.'s business trends and expected performance.
On February 9, 2015, when the truth was revealed, Fifth Street
Finance’s stock price fell roughly 15% on high volume, causing
shareholders to incur millions in losses and wiping out millions of
Fifth Street Finance’s market cap.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 30, 2015. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
Contact:
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
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