Skip to main content

Market Overview

The Cash Store Announces Class Action

Share:

The Cash Store Financial Services
(NYSE: CSFS) today
announced that a proposed class action proceeding for violation of U.S.
federal securities laws has been commenced in the United States
District Court of the Southern District of New York against the Company
and certain of its present and former officers. The claim is
substantially similar to the recently announced proposed class action
proceedings in Alberta and Ontario and the previously disclosed
complaint filed by Globis Capital Partners L.P.

The proposed U.S. class action concerns alleged misrepresentations made
in the Company's quarterly and annual financial statements between
November 24, 2010 and May 13, 2013. In particular, the U.S. complaint
alleges that Cash Store Financial overvalued the consumer loan
portfolio acquired from third party lenders, overstated its net income,
understated losses on its internal consumer loan portfolio, and
understated its liabilities associated with the settlement of the
British Columbia class action.

The Company will defend itself vigorously against what it believes are
unfounded allegations.

About Cash Store Financial

Cash Store Financial is the only lender and broker of short‐term
advances and provider of other financial services in Canada that is
listed on the Toronto

See full press release

 

Related Articles (CSFS)

View Comments and Join the Discussion!

Posted-In: News Global

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com