INVESTOR ALERT: Class Action Lawsuit Against BancorpSouth, Inc. Announced By Glancy Binkow & Goldberg LLP
September 10 2014 - 10:32AM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Middle District of Tennessee on behalf of a class (the “Class”)
comprising purchasers of the securities of BancorpSouth, Inc.
(“BancorpSouth” or the “Company”) (NYSE:BXS) between January 8,
2014 and July 21, 2014, inclusive (the “Class Period”).
Please contact Lesley Portnoy at (888) 773-9224 or (310)
201-9150, or at shareholders@glancylaw.com to discuss this matter.
If you inquire by email please include your mailing address,
telephone number and number of shares purchased.
BancorpSouth operates as a financial holding company for
BancorpSouth Bank, which provides commercial banking and financial
services to individuals and small-to-medium size businesses. The
Complaint alleges that: (1) the Company’s credit practices violated
Bank Secrecy Act and federal anti-money-laundering programs; (2)
the Company’s lending practices were not in compliance with
Consumer Financial Protection Bureau regulations; (3)
BancorpSouth’s financial statements were materially false and
misleading at all relevant times; and (4), regulatory scrutiny into
the Company’s lending practices could jeopardize the Company’s
planned mergers with Louisiana-based Ouachita Bancshares Corp. and
Texas-based Central Community Corporation.
On July 21, 2014, BancorpSouth announced that “federal bank
regulators have identified concerns during the course of routine
supervisory activities regarding the Company’s procedures, systems
and processes related to certain of its compliance programs,
including its Bank Secrecy Act and anti-money-laundering programs.
In addition, the Consumer Financial Protection Bureau currently is
conducting a review of the Company’s fair lending practices.”
Following this news, BancorpSouth shares dropped more than 8%, or
$1.90 per share, on extremely heavy volume, to close at $21.51 on
July 22, 2014.
If you are a member of the Class described above, you may move
the Court no later than September 29, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy(310) 201-9150(888) 773-9224shareholders@glancylaw.comwww.glancylaw.com
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