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The Cash Store Financial Services Inc (NYSE: CSFS) Investor Securities Class Action Lawsuit 06/27/2013

  • If you purchased shares of The Cash Store Financial Services Inc (NYSE: CSFS), you might have certain options and should contact 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
The Cash Store Financial Services Inc.
Security
NYSE: CSFS

Case Name
The Cash Store Financial Services Securities Class Action Lawsuit 06/27/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

August 26, 2013 - A lead plaintiff motion was filed.
July 9, 2013 - All cases were consolidated.

June 27, 2013 - An investor in shares of The Cash Store Financial Services Inc (NYSE: CSFS) filed a lawsuit in the U.S. District Court for the Southern District of New York against The Cash Store Financial Services Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 24, 2010 and May 13, 2013.

According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired The Cash Store Financial Services Inc securities (NYSE: CSFS) between November 24, 2010 and May 13, 2013, that The Cash Store Financial Services Inc violated the Securities Exchange Act of 1934 by issuing allegedly false and misleading statements concerning The Cash Store Financial Services Inc’s financial condition that caused The Cash Store Financial Services Inc’s (NYSE: CSFS) shares to trade at an artificially high price.

Shares of The Cash Store Financial Services Inc (NYSE: CSFS) reached as high as high of $17.10 per share between November 24, 2010 and May 13, 2013.

The plaintiff claims that The Cash Store Financial Services Inc made a number of false and misleading statements between November 24, 2010 and May 13, 2013 in its quarterly and annual financial statements in which it overvalued a major loan portfolio it had acquired and additionally, The Cash Store Financial Services Inc understated its liabilities associated with a class action settlement.

Then on December 10, 2012, before the market opened, The Cash Store Financial Services Inc announced that it will restate the previously issued unaudited consolidated interim financial statements for the three and six months ended March 31, 2012 and three and nine months ended June 30, 2012.

Shares of The Cash Store Financial Services Inc (NYSE: CSFS) declined from $4.40 on December 6, 2012, to as low as $2.91 per share on December 10, 2012.

On February 13, 2013, The Cash Store Financial Services Inc announced that it would again have to restate financial statements because the previous annual and interim financial statements improperly calculated the losses accrued due to a lawsuit settlement.

Shares of The Cash Store Financial Services Inc (NYSE: CSFS) declined from $4.27 per share on February 1, 2013 to $2.95 per share on February 28, 2013.

On April 9, 2013, The Cash Store Financial Services Inc announced that on April 2, 2013, it received notice from the New York Stock Exchange that it is not in compliance with certain NYSE standards for continued listing of its common shares.

Shares of The Cash Store Financial Services Inc (NYSE: CSFS) declined from $2.59 per share on April 2, 2013, to $1.67 per share on April 19, 2013.

On June 27, 2013, The Cash Store Financial Services Inc (NYSE: CSFS) shares closed at $2.49 per share.