Pomerantz Law Firm Announces the Filing of a Class Action Against BancorpSouth, Inc. and Certain Officers -- BXS
July 31 2014 - 5:45PM
Pomerantz LLP has filed a class action lawsuit against
BancorpSouth, Inc. ("BancorpSouth" or the "Company") (NYSE:BXS) and
certain of its officers. The class action, filed in United States
District Court, Middle District of Tennessee, Nashville Division,
and docketed under 14-cv-01564, is on behalf of a class consisting
of all persons or entities who purchased BancorpSouth securities
between January 8, 2014 and July 21, 2014, inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased BancorpSouth securities
during the Class Period, you have until September 29, 2014 to ask
the Court to appoint you as Lead Plaintiff for the class. A copy of
the Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
BancorpSouth operates as a financial holding company for
BancorpSouth Bank that provides commercial banking and financial
services to individuals and small-to-medium size
businesses.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's procedures, systems and processes related
to certain of its lending and compliance
programs. Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (1)
BancorpSouth's operations and credit practices violated the Bank
Secrecy Act ("BSA") and federal anti-money-laundering programs; (2)
the Company's lending practices were not in compliance with the
regulations promulgated by the Consumer Financial Protection
Bureau; and as a result of the above, (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 severely jeopardize the Company's ability to close
recently announced mergers with Central Community Corporation and
Ouachita Bancshares Corp.
On July 21, 2014, after the market closed, BancorpSouth issued a
press release announcing financial results for the second quarter
ended June 30, 2014. The press release also disclosed "The Company
has learned 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."
On this news, shares of BancorpSouth fell $1.90, or over 8%, on
extremely heavy volume, to close at $21.51 on July 22, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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