NEW YORK, March 7, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all persons who purchased or otherwise acquired the securities of Conn's, Inc. ("Conn's" or the "Company") (Nasdaq:CONN) during the period between April 3, 2013 and February 19, 2014 (the "Class Period").
The Complaint alleges that during the Class Period, Defendants issued false and misleading statements or failed to disclose adverse facts regarding Conn's business and prospects, including the extent to which Conn's growth was attributable to utilizing underwriting and collections practices that weakened its portfolio quality and left it susceptible to substantial increases in bad debt, and that Conn's faced increased delinquency and charge off rates in its credit segment. The Complaint alleges that as a result of Defendants' false statements, Conn's stock traded at artificially inflated levels throughout the Class Period, reaching a high of $79.24 per share on December 26, 2013.
If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2014. 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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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