SAN FRANCISCO, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors of the September 18, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against EZCORP, Inc. (NASDAQ:EZPW) (“EZCORP” or “the Company”). If you have losses in your investment in EZCORP securities during the Class Period contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing EZPW@hbsslaw.com or visiting http://hb-securities.com/investigations/EZPW.
The lawsuit, pending in U.S. District Court for the Western District of Texas, is filed on behalf of investors who purchased EZCORP securities between October 27, 2014 and July 16, 2015, inclusive, (the “Class Period”).
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and failed to disclose that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles. Specifically, EZCORP improperly recognized structured asset sales and loans primarily related to its Mexican subsidiary, Grupo Finmart. The Company's accounting misrepresentations first came to light in an April 30, 2015 report announcing a delayed release of second quarter results due to an ongoing review of Grupo Finmart’s loan portfolio. On this news, shares of EZCORP declined $0.79 per share, an 8.59% drop, to close at $8.41 on May 1, 2015.
On May 20, 2015, after the market closed, the Company revealed that, while review of the Grupo Finmart loan portfolio was still ongoing, management and the Audit Committee would likely conclude that the Company had a material weakness in internal controls over financial reporting and deficiencies in its disclosure controls and procedures. On this news, shares of EZCORP declined $0.66 per share, a 7.59% drop, to close on May 21, 2014, at $8.33 per share.
Finally, on July 17, 2015, EZCORP announced that it will restate its financial statements for fiscal year 2014 (including the interim periods during that year) and the first quarter of fiscal year 2015. On this news, shares in EZCORP dropped nearly 4%, closing at $6.48 per share on July 17, 2015.
If you were negatively impacted in your investment in EZCORP between October 27, 2014 and July 16, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding EZCORP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email EZPW@hbsslaw.com.
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