INVESTOR ALERT: Class Action Lawsuit Against BancorpSouth, Inc. Announced by Law Offices of Howard G. Smith
August 26 2014 - 10:32AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Middle District of Tennessee on behalf of 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”).
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:
- BancorpSouth’s credit practices
violated Bank Secrecy Act and federal anti-money-laundering
programs.
- The Company’s lending practices were
not in compliance with Consumer Financial Protection Bureau
regulations.
- BancorpSouth’s financial statements
were materially false and misleading.
- Regulatory scrutiny into BancorpSouth’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 have until
September 29, 2014, to move the Court 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, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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