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BancorpSouth Inc (NYSE: BXS) Investor Securities Class Action Lawsuit 05/12/2010

  • You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 20, 2012 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
BancorpSouth, Inc.
Security
NYSE: BXS

Case Name
BancorpSouth Shareholder Class Action Lawsuit 05/12/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of Tennessee

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
bancorpsouth_inc_settlement_notice_7_2012.pdf
Settlement Proof
bancorpsouth_inc_settlement_proof_7_2012.pdf
Filed Complaint
bancorpsouth_inc_original_filing_edited_5_2010.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$29,250,000.00
Deadline to Participate in Settlement

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Summary

July 11, 2012 - The court preliminarily approved the settlement.

July 9, 2012 - A stipulation of settlement was filed y the parties.

January 24, 2012 - The court denied the defendants' motion to dismiss.

November 15, 2010 - A motion to dismiss the  amended complaint was filed.

September 17, 2010 - An amended complaint was filed.

May 12, 2010 - An investor in shares of BancorpSouth Inc (NYSE: BXS) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against BancorpSouth Inc over alleged violations of Federal Securities Laws between July 23, 2009 and February 25, 2010. The complaint charges BancorpSouth Inc and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding BancorpSouth Inc’s business and financial results.

The plaintiff alleges that BancorpSouth Inc engaged in improper behavior which harmed BancorpSouth’s investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans.

The complaint further alleges BancorpSouth Inc also failed to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false and as a result of defendants’ false statements, BancorpSouth Inc’s stock (NYSE: BXS) traded at artificially inflated prices between July 23, 2009 and February 25, 2010, reaching a high of $25.13 per share on October 14, 2009.

On February 25, 2010, after the market closed, BancorpSouth Inc 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 BancorpSouth Inc’s results. BancorpSouth Inc 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.

BancorpSouth Inc’s stock plummeted $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.

bancorpsouth_inc_original_filing_edited_5_2010.pdf
Date Settled