STEVENSON, Md., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of DFC Global Corp. ("DFC Global" or the "Company") (Nasdaq:DLLR) common stock during the period between January 28, 2011 and August 22, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in DFC Global Corp. common stock purchased on or after January 28, 2011, and held through any of the revelations of negative information on April 1, 2013, and/or August 22, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 21, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company systematically issued predatory loans to consumers that had no reasonable means to be repaid, that the Company continuously rolled over or refinanced its loans in order to delay or avoid defaults, that the Company understated its loan loss rates, and that, as a result of these improper lending practices, the Company's earnings guidance for its 2013 fiscal year was inflated. According to the complaint, following the Company's April 1, 2013 disclosure that its results for the third quarter of 2013 were adversely impacted by poor loan performance, and the Company's August 22, 2013 disclosure that its loan default rates in the United Kingdom had risen substantially, that it expected to incur a recurring $10-$15 million of expenses in compliance-related costs for its payday lending program, and that it was unable to provide earnings per share guidance for fiscal 2014, the value of DFC Global shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation