NEW YORK, July 2, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP announces the filing of a class action lawsuit against The Cash Store Financial Services, Inc. ("Cash Store" or the "Company") (NYSE:CSFS) and certain of its officers. The class action, filed in United States District Court, Northern District of California, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Cash Store between November 24, 2010 and May 13, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Cash Store securities during the Class Period, you have until August 26, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements about the Company's financial condition. According to the lawsuit, Cash Store overvalued a major loan portfolio it had acquired, failed to properly account for a lawsuit settlement, and had material internal control deficiencies.
On December 10, 2012, the Company revealed that it needed to restate its financial statements and that it had inappropriately accounted for the acquisition of a large loan portfolio. On February 13, 2013, Cash Store announced that it would again have to restate financial statements because the previous annual and interim financial statements improperly calculated the losses accrued due to a lawsuit settlement. Then, on May 14, 2013 trading in Cash Store stock was halted pursuant to an order of the Alberta Securities Commission.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP