NEW YORK, Oct. 18, 2011 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds investors of the important October 24, 2011 lead plaintiff deadline in the securities class action brought on behalf of investors who purchased the common stock of Penson Worldwide, Inc. ("Penson") (Nasdaq:PNSN) during the period between February 10, 2011 and August 4, 2011, inclusive (the "Class Period"), seeking to recover damages for violations of federal securities laws.
To join the Penson class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Laurence Rosen, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action.
According to the Complaint, during the Class Period Penson concealed from investors that: (a) the Company had approximately $96 million in receivables, of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; (b) the Company's assets (Nonaccrual Receivables) were materially overstated and should have been written down; (c) as a result, the Company overstated its income and EBITDA (earnings before interest, taxes, depreciation and amortization and stock-based compensation, and excluding certain non-operating expenses); and (d), the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
If you wish to serve as lead plaintiff, you must move the Court no later than October 24, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Laurence Rosen, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or lrosen@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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