NEW YORK, Aug. 29, 2014 /PRNewswire/ -- 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
SOURCE Pomerantz LLP