NEW YORK, Aug. 1, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court, Middle District of Tennessee, Nashville Division, on behalf of all persons who purchased or otherwise acquired the securities of BancorpSouth, Inc. ("BancorpSouth" or the "Company") (NYSE:BXS) during the period between January 8, 2014 and July 21, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) BancorpSouth's operations and credit practices violated the Bank Secrecy Act ("BSA") and federal anti-money-laundering programs; (2) the Company's lending practices were not in compliance with the regulations promulgated by the Consumer Financial Protection Bureau; and as a result of the above, (3) BancorpSouth's financial statements were materially false and misleading at all relevant times; and (4) regulatory scrutiny into the Company's lending practices could severely jeopardize the Company's ability to close recently announced mergers with Central Community Corporation and Ouachita Bancshares Corp.
On July 21, 2014, after the market closed, BancorpSouth issued a press release announcing financial results for the second quarter ended June 30, 2014. The press release also disclosed "The Company has learned that federal bank regulators have identified concerns during the course of routine supervisory activities regarding the Company's procedures, systems and processes related to certain of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs."
If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2014. 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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston