WILMINGTON, Del., Sept. 17, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of investors of EZCORP, Inc. (Nasdaq:EZPW) ("EZCORP" or the "Company").
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of EZCORP would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, on July 18, 2014, MS Pawn Corporation, the Class B shareholder entity controlled by Phillip Cohen, ousted Paul Rothamel as director, President and Chief Executive Officer ("CEO"). Directors William Love and Joseph Beal were also removed from their positions. The complaint further asserts that EZCORP, along with Mr. Rothamel and Mark Kuchenrither (collectively, the "Defendants"), the current interim CEO, issued false and/or misleading statements to EZCORP shareholders. Specifically, the complaint provides that the Defendants failed to disclose that: (i) the implementation of certain strategic and growth initiatives was less successful than represented; (ii) certain of the Company's business units and investments were not performing as well as represented; and (iii) as a result of the above, the Company's statements about its business and operations were materially false and misleading at all relevant times. As a result of this news, EZCORP's share price fell 12% ($1.36 per share) on heavy volume on July 21, 2014, the next day of trading.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.