A lawsuit is pending for certain investors in NASDAQ:CONN shares over alleged violations of Federal Securities Laws by CONN’S, Inc.
Investors who purchased shares of CONN’S, Inc. (NASDAQ:CONN) have certain options and for certain investors are short and strict deadlines running. Deadline: February 10, 2015. NASDAQ:CONN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
On March 27, 2014, CONN’S, Inc. reported that its fiscal 2014 fourth quarter and full year financial results. CONN’S Total Revenue rose from $792.30 million for the 12 months period that ended on January 31, 2012 to over $1.19 billion million for the 12 months period that ended on January 31, 2014 and that its Net Loss of $3.72 million for the 12 months period that ended on January 31, 2012 turned into a Net Income of $93.45 million for the 12 months period that ended on January 31, 2014.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.On June 2, 2014, CONN’S, Inc. reported its financial results for the first quarter that ended on April 30, 2014. Conn’s reported that its first quarter Revenue rose from $251.06 million in 2013 to $335,45 million in 2014 and that its first quarter Net Income increased from $22.17 million in 2013 to $28.46 million in 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, respectively $29.00 per share on September 4, 2014.
On December 9, 2014 Conn’s, Inc. reported its third quarter fiscal 2015 financial results. Conn’s reported that its third quarter Revenue rose from $310.87 million in 2013 to $370.05 million in 2014 and that its third quarter Net Income of $24.37 million in 2013 declined to a third quarter Net Loss of $3.06 million in 2014.
Conn’s also announced the resignation of its CFO Brian Taylor. Additionally, Conn’s withdrew its earnings guidance for fiscal 2015 and did not provide earnings guidance with respect to fiscal 2016. Conn’s also said that it recognized that its credit operations forecasting has not been acceptably accurate.
On December 12, 2014 a lawsuit was filed against Conn’s over alleged securities laws violations. The plaintiff claimed that the true state of its deteriorated credit portfolio was revealed on December 9, 2014, when the Conn’s withdrew its financial guidance and admitted that its prior financial guidance was not “acceptably accurate.
On June 30, 2015, the Court held a hearing on the defendants’ motion to dismiss plaintiffs’ complaint. At the hearing, the Court dismissed a former executive officer and certain other aspects of the complaint. The remaining defendants filed a motion to dismiss on August 28, 2015. On May 5, 2016, the Court issued a ruling that dismissed 78 of 91 alleged misstatements. The trial over the remaining claims is scheduled for March 2018.
Those who purchased NASDAQ:CONN shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com