STEVENSON, Md., July 2, 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 Southern District of New York on behalf of purchasers of the common stock of The Cash Store Financial Services, Inc. ("Cash Store" or the "Company") (NYSE:CSFS) during the period between November 24, 2010 and May 13, 2013, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in The Cash Store Financial Services, Inc. common stock during the Class Period, 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 August 26, 2013 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 it had inappropriately accounted for the acquisition of a large loan portfolio in violation of U.S. Generally Accepted Accounting Principles ("GAAP") and that the Company improperly calculated the losses accrued due to a lawsuit settlement. According to the complaint, following the Company's revelation on December 10, 2012 that it needed to restate its financials due to understated provisions for loan loss losses and that weaknesses in the Company's internal controls led to the restatement, and following the Company's announcement on February 13, 2013 that it needed to restate its financials because of an understated estimate of liability attributable to a lawsuit and that the Company's financial reports should not be relied upon and that material weaknesses in internal controls for accounting existed during all periods dating back to 2010, the value of Cash Store 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