WILMINGTON, Del., Dec. 15, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces an update to the securities fraud class action lawsuit filed on behalf of investors of BancorpSouth, Inc. (NYSE:BXS) (“BancorpSouth” or the “Company”) in the U.S. District Court, Middle District of Tennessee, that was initially filed on July 31, 2014.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you currently own shares of BancorpSouth and want to receive additional information about your rights, free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/bancorpsouth-class-action 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.
According to the lawsuit, on July 21, 2014, BancorpSouth issued a press release revealing, among other things, that during routine supervisory activities, federal regulators identified weaknesses in the Company's procedures, systems, and processes in relation to their Bank Secrecy Act and anti-money laundering programs. In addition, the company announced that the Consumer Financial Protection Bureau was in the process of reviewing the BancorpSouth's fair lending practices. Due to these investigations, BancorpSouth extended its timeline regarding the acquisition of Ouachita Bancshares Corp. and Central Community Corporation to June 30, 2015 in order to obtain the required regulatory approvals and satisfy required closing conditions.
As a result of the foregoing news, on July 22, 2014, BancorpSouth shares fell 7% in intraday trading, causing investor millions in losses.
On July 31, 2014, a BancorpSouth shareholder represented by another law firm filed a class action complaint against BancorpSouth for federal securities fraud. The complaint was filed in the United States District Court, Middle District of Tennessee, Case No. 3:14-cv-01564.
On July 10, 2015, the United States District Court, Middle District of Tennessee denied BancorpSouth’s motion to dismiss the case, allowing the case to proceed forward.
If you currently own shares of BancorpSouth and want to receive additional information about your rights, free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/bancorpsouth-class-action 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.
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.