Lawsuit Overview
July 13, 2015 - The court granted defendants' motion to dismiss with prejudice.
March 27, 2015 - Defendants filed a motion to dismiss.
March 6, 2015 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased INTL Fcstone Inc (NASDAQ: INTL) common shares between December 15, 2010 and December 16, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 15, 2010 and December 16, 2013.
February 5, 2015 - The court granted defendants' motion to dismiss with leave to amend.
July 28, 2014 - Defendants filed a motion to dismiss.
June 13, 2014 - The lead plaintiff filed an amended complaint.
April 29, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
March 14, 2014 - Lead plaintiff motions were filed.
January 13, 2014 - An investor in shares of INTL Fcstone Inc (NASDAQ: INTL) filed a lawsuit in the U.S. District Court for the Southern District of New York against INTL Fcstone Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 17, 2010 and December 16, 2013.
According to the complaint the plaintiff alleges on behalf of a all persons or entities who purchased or otherwise acquired securities of INTL Fcstone Inc (NASDAQ: INTL) between February 17, 2010 and December 16, 2013, that INTL Fcstone Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that there existed critical integration issues with the companies acquisitions, including with respect to financial reporting for its Commodity and Risk Management unit, that INTL Fcstone Inc overstated revenues in trading gains of up to $10.2 million, causing an overstatement of net income by approximately $6.4 million, that INTL Fcstone Inc lacked adequate internal and financial controls; and that as a result of the foregoing INTL Fcstone Inc’s statements were materially false and misleading at all relevant times.
Shares of INTL Fcstone Inc (NASDAQ: INTL) rose from $16.28 in May 2013 to as high as $21.10 per share in October 2013.
Then on December 17, 2013, INTL Fcstone Inc announced that it has filed a Form with the U.S. Securities and Exchange Commission, stating that INTL FCStone Inc was not able to file its Form 10-K for the fiscal year ended September 30, 2013. INTL Fcstone Inc said that in connection with the preparation of its consolidated financial statements for the fiscal year ended September 30, 2013, it identified errors in the reconciliation of INTL Fcstone Inc's subsidiary INTL Fcstone Markets, LLC's accounting records to its back office system, which has resulted in a delay in finalizing INTL Fcstone Inc's consolidated financial statements required to be included in INTL Fcstone Inc's Form 10 K.
Shares of INTL Fcstone Inc (NASDAQ: INTL) declined from almost $21 per share in late November 2013 to as low as $17.86 per share in late December 2013.