NEW YORK, May 14, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of BancorpSouth, Inc. ("BancorpSouth") (NYSE:BXS) stock during the period between July 23, 2009 and February 25, 2010, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased BancorpSouth common stock during the Class Period and wish to move the court for appointment of lead plaintiff, you must do so by July 12, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to dtitus@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint charges BancorpSouth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BancorpSouth is a financial holding company.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results and engaged in improper behavior that harmed BancorpSouth's investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. The Company also failed to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false. As a result of defendants' false statements, BancorpSouth's stock traded at artificially inflated prices during the Class Period, reaching a high of $25.13 per share on October 14, 2009.
The Brualdi Law Firm, P.C. is a New York, New York-based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities and antitrust areas, as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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