SAN DIEGO, March 18, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of CONN'S, Inc. (CONN) common stock over alleged violations of Federal Securities Laws by CONN'S, Inc. in connection with certain allegedly false and misleading statements.
If you purchased shares of CONN'S, Inc. (CONN), you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that defendants between April 3, 2013 and February 19, 2014 issued allegedly false and misleading statements or allegedly failed to disclose adverse facts regarding Conn's business and prospects, including the extent to which Conn's growth was attributable to utilizing underwriting and collections practices that weakened its portfolio quality and left it susceptible to substantial increases in bad debt, and that Conn's faced increased delinquency and charge off rates in its credit segment, and that as a result of the defendants' statements, Conn's stock traded at allegedly artificially inflated levels between April 3, 2013 and February 19, 2014, reaching a high of $79.24 per share on December 26, 2013.
On February 20, 2014, CONN'S, Inc. announced its preliminary fourth quarter fiscal 2014 results and updated its fiscal earnings guidance. CONN'S, Inc. announced that its "[c]redit segment provision for bad debts as a percentage of the average outstanding portfolio balance is expected to exceed previously issued full-year fiscal 2014 guidance," and that the "percentage of the customer portfolio balance 60-plus days delinquent was 8.8% at January 31, 2014, an increase of 30 basis points from October 31, 2013." CONN'S, Inc. announced also revealed that it was lowering its recently issued fiscal 2015 earnings guidance.
Shares of CONN'S, Inc. declined from $79.24 per share in December 2013 to as low as $31.17 on March 14, 2014.
Plaintiff seeks to recover damages on behalf of all purchasers of Conn's common stock between April 3, 2013 and February 19, 2014.
Those who purchased shares of CONN'S, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.