An investigation on behalf of current long term investors in CONN’S, Inc. (NASDAQ:CONN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:CONN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/03/2014 -- An investigation on behalf of current long-term investors in shares of CONN’S, Inc. (NASDAQ:CONN) concerning potential breaches of fiduciary duties by certain directors and officers of CONN’S, Inc. was announced.
Investors who are current long term stockholders of shares of CONN’S, Inc. (NASDAQ:CONN) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain CONN’S officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On February 20, 2014, CONN'S, Inc. announced its preliminary fourth quarter fiscal 2014 results and updated its fiscal earnings guidance. CONN'S, Inc. announced that its “[c]redit segment provision for bad debts as a percentage of the average outstanding portfolio balance is expected to exceed previously issued full-year fiscal 2014 guidance,” and that the “percentage of the customer portfolio balance 60-plus days delinquent was 8.8% at January 31, 2014, an increase of 30 basis points from October 31, 2013.” CONN'S, Inc. announced also revealed that it was lowering its recently issued fiscal 2015 earnings guidance. Shares of CONN'S, Inc. declined from $79.24 per share in December 2013 to as low as $31.89 per share on February 20, 2014.
In early March 2014 a lawsuit was filed against CONN'S, Inc. over alleged securities laws violations. The plaintiff claimed that defendants between April 3, 2013 and February 19, 2014 issued allegedly false and misleading statements or allegedly failed to disclose adverse facts regarding Conn’s business and prospects, including the extent to which Conn’s growth was attributable to utilizing underwriting and collections practices that weakened its portfolio quality and left it susceptible to substantial increases in bad debt, and that Conn’s faced increased delinquency and charge off rates in its credit segment, and that as a result of the defendants’ statements, Conn’s stock traded at artificially inflated levels between April 3, 2013 and February 19, 2014, reaching a high of $79.24 per share on December 26, 2013.
On March 27, 2014, CONN'S, Inc. reported that its fiscal 2014 fourth quarter and full year financial results.Shares of CONN'S, Inc. (NASDAQ:CONN) grew from under $32 in February 2014 to as high as $50.99 per share in July 2014.
Then on Sept. 2, 2014, CONN'S, Inc. announced its second quarter fiscal 2015 financial results and updates its fiscal year 2015 earnings guidance.
Shares of CONN'S, Inc. (NASDAQ:CONN) declined from $44.83 per share on August 29, 2014, to $31.06 per share during September 2, 2014.
Those who purchased shares of CONN'S, Inc. (NASDAQ:CONN) have certain options and should contact the Shareholders Foundation.
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