STEVENSON, Md., Jan. 17, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of INTL FCStone, Inc. ("INTL FCStone" or the "Company") (Nasdaq:INTL) securities during the period between February 17, 2010 and December 16, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in INTL FCStone, Inc. securities purchased on or after February 17, 2010, and held through the revelation of negative information on December 17, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that there existed critical integration issues with the companies acquisitions, including with respect to financial reporting for its Commodity and Risk Management unit, that the Company overstated revenues in trading gains of up to $10.2 million, causing an overstatement of net income by approximately $6.4 million, and that the Company lacked adequate internal and financial controls.
According to the complaint, following the Company's conference call on February 9, 2012 to discuss its first quarter 2012 performance and revenues $20 million lower than the same period for the prior year and various critical issues such as slowing revenue streams and falling volume in the commodities market, and following the Company's December 17, 2013 disclosure that it will not be able to file its Form 10-K for the fiscal year ended September 30, 2013, due to a review to evaluate the need to restate its financial results for its 2011, 2012 and 2013 fiscal years as a result of an overstatement of trading gains discovered in the reconciliation of FCStone Markets, one of the Company's subsidiaries, the value of INTL FCStone shared declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616