BANCORPSOUTH, INC.
RADNOR, PA--(Marketwired - Sep 15, 2014) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against BancorpSouth, Inc. (
BancorpSouth shareholders may, no later than September 29, 2014, petition the Court for appointment as a lead plaintiff of the Class. A lead plaintiff is a representative party who acts on behalf of all shareholders in directing the litigation against the Company. Shareholders who wish to discuss this action and their options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 - 7706 or online at http://www.ktmc.com/case/BancorpSouth.
According to the complaint, 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, throughout the Class Period, the defendants made a series of materially false and misleading statements regarding the Company's procedures, systems and processes related to certain of its lending and compliance programs. Specifically, the complaint alleges that the defendants made false and misleading statements and/or failed to disclose that: (1) BancorpSouth's operations and credit practices violated the Bank Secrecy Act ("BSA") and anti-money-laundering programs; (2) the Company's fair lending practices were not in compliance with the regulations promulgated by the Consumer Financial Protection Bureau; (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 on several of its recently announced mergers.
On July 21, 2014, after the market closed, BancorpSouth issued a press release announcing financial results for the second quarter of 2014. The press release also disclosed, among other things, serious compliance shortcomings. Specifically, BancorpSouth disclosed that federal bank regulators had "identified concerns... 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," and that the Consumer Financial Protection Bureau was conducting "a review of the Company's fair lending practices."
Following this news, BancorpSouth's stock fell $1.90 per share, or over 8%, to close at $21.51 per share on July 22, 2014, on heavy trading volume.
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 Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at info@ktmc.com. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/BancorpSouth.
Members of the class may, no later than September 29, 2014, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
