WILMINGTON, Del., Nov. 23, 2015 (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, Southern District of New York, Case No. 1:15-cv-07759, on behalf of investors of Fifth Street Finance Corp. (NASDAQ:FSC) (“Fifth Street Finance” or the “Company”) that held shares between July 7, 2014 and February 6, 2015 (the “Class Period”). If you purchased Fifth Street Finance securities during the Class Period, you may, no later than November 30, 2015, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from Andrews & Springer LLC or the Court. If you 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 – https://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.
On October 1, 2015, a Fifth Street Finance shareholder filed a securities fraud class action lawsuit against the Company. According to the complaint, Fifth Street Finance executives, throughout the Class Period, engaged in a fraudulent scheme to artificially inflate Fifth Street Finance Corp.'s assets and investment income to increase Fifth Street Asset management's revenue by: (1) pushing Fifth Street Finance Corp. into increasingly risky investments at unsustainable leverage levels; (2) delaying the write down of impaired investments to create the appearance of increasing revenues for Fifth Street Asset Management; and (3) systematically overstating the income generated by Fifth Street Finance Corp.'s investments and the fair value of its portfolio, while simultaneously providing the investing public with false and misleading portrayals of Fifth Street Finance Corp.'s business trends and expected performance.
On February 9, 2015, when the truth was revealed, Fifth Street Finance’s stock price fell roughly 15% on high volume, causing shareholders to incur millions in losses and wiping out millions of Fifth Street Finance’s market cap.
If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2015. 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 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.
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.