August 23, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
May 13, 2013 - The court preliminarily approved the settlement.

April 9, 2013 - The court issued an order lifting the stay.

January 22, 2013 - The court ordered that the case is stayed.

December 28, 2012 - Parties filed a stipulation of settlement.

April 6, 2012 - Defendants filed a motion to dismiss.

March 23, 2012 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Penson Worldwide Inc (NASDAQ: PNSN) common shares between March 30, 2007 and August 4, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 30, 2007 and August 4, 2011.

January 19, 2012 - Lead plaintiff and lead counsel were appointed.

October 24, 2011 - Lead plaintiff motions were filed.

August 23, 2011 - An investor in Penson Worldwide Inc (NASDAQ: PNSN now trading on the OTC sheets as PNSNQ) filed a lawsuit in U.S. District Court for the Northern District of Texas against Penson Worldwide Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of investors who purchased NASDAQ: PNSN shares between February 10, 2011 and August 4, 2011, that Penson Worldwide Inc violated federal securities laws, specifically Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, by issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price.

Penson Worldwide Inc.’s 12 months total revenue decreased from $404.80 million in 2007 to $310.62 million in 2010. Its net income fell from $26.83 million in 2007 to a net loss of $19.85 million in 2010.

Shares of Penson Worldwide Inc (NASDAQ: PNSN) fell from as high as $31.50 during 2007 to $4.34 in 2009 and $4.61 during September 2010.

During the first months of 2011, PNSN shares reached over $7 per share.

Then on May 9, 2011 Penson Worldwide Inc filed its quarterly report with the U.S. Securities and Exchange Commission. In the report Penson Worldwide, Inc disclosed, among other things, that: “With respect to the Nonaccrual Receivables, at March 31, 2011, […] approximately $42.6 million were collateralized by bonds issued by the Retama Development Corporation (“RDC”) and certain other interests in the horse racing track and real estate project […] financed by the RDC’s bonds.

In each case these are owned by customers and pledged to the Company and/or its affiliates.

Certain related parties to the Company own approximately $14.7 million of RDC bonds that are pledged to the Company and/or its affiliates […].”

Then on May 12, 2011 PNSN stock fell to $2.74 per share after Penson Worldwide Inc announced that on the same day Mr. Thomas R. Johnson delivered notice of his immediate resignation as a member of the Board of Directors of Penson Worldwide Inc.

Penson Worldwide Inc disclosed that “based on Mr. Johnson’s position as chief executive officer of Call Now, Inc, a holder of a portion of the Retama related collateral, both Mr. Johnson and the Company felt it appropriate for him to resign his position at this time.” Philip A. Pendergraft, Chief Executive Officer of Penson Worldwide, Inc said in the May 12 announcement that they “believe the activity of the Company’s stock related to the Retama related collateral is unwarranted.” And that they hope this news release will aid in putting this issue to rest”.

Shares of Penson Worldwide Inc (NASDAQ: PNSN) closed on Friday May 13, 2011 at $3.34 per share and traded recently as slightly above $2 per share.