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CONN's Inc (NASDAQ: CONN) Investor Securities Class Action Lawsuit 12/12/2014

  • If you purchased shares of CONN’S Inc (NASDAQ: CONN), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
CONN'S, Inc.
Security
NASDAQ: CONN

Case Name
CONN'S Shareholder Class Action Lawsuit 12/12/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

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Summary

December 12, 2014 - An investor in shares of CONN’S Inc (NASDAQ: CONN) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by CONN’S Inc in connection with certain allegedly false and misleading statements made between September 2, 2014 and December 9, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of CONN’S Inc (NASDAQ: CONN) common shares between September 2, 2014 and December 9, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the true state of its deteriorated credit portfolio was revealed on December 9, 2014, when the CONN'S Inc withdrew its financial guidance and admitted that its prior financial guidance was not acceptably accurate.

On March 27, 2014, CONN'S Inc reported that its fiscal 2014 fourth quarter and full year financial results. CONN'S Inc Total Revenue rose from $792.30 million for the 12 months period that ended on January 31, 2012 to over $1.19 billion million for the 12 months period that ended on January 31, 2014 and that its Net Loss of $3.72 million for the 12 months period that ended on January 31, 2012 turned into a Net Income of $93.45 million for the 12 months period that ended on January 31, 2014. Shares of CONN'S Inc (NASDAQ: CONN) grew from under $32 in February 2014 to as high as $50.99 per share in July 2014.

On June 2, 2014, CONN'S Inc reported its financial results for the first quarter that ended on April 30, 2014. CONN’S Inc reported that its first quarter Revenue rose from $251.06 million in 2013 to $335,45 million in 2014 and that its first quarter Net Income increased from $22.17 million in 2013 to $28.46 million in 2014.

Then on Sept. 2, 2014, CONN'S Inc announced its second quarter fiscal 2015 financial results and updates its fiscal year 2015 earnings guidance. Shares of CONN'S Inc (NASDAQ: CONN) declined from $44.83 per share on August 29, 2014, to $31.06 per share during September 2, 2014, respectively $29.00 per share on September 4, 2014.

On December 9, 2014 CONN'S Inc reported its third quarter fiscal 2015 financial results. CONN’S Inc reported that its third quarter Revenue rose from $310.87 million in 2013 to $370.05 million in 2014 and that its third quarter Net Income of $24.37 million in 2013 declined to a third quarter Net Loss of $3.06 million in 2014. CONN’S Inc also announced the resignation of its CFO Brian Taylor. Additionally, CONN’S Inc withdrew its earnings guidance for fiscal 2015 and did not provide earnings guidance with respect to fiscal 2016. CONN’S Inc also said that it recognized that its credit operations forecasting has not been acceptably accurate.

Shares of CONN'S Inc (NASDAQ: CONN) dropped from $36.00 per share on December 8, 2014 to as low as $19.57 per share on December 9, 2014 and continued to decline to as low as $15.30 per share on December 12, 2014.