The Shareholders Foundation announces an investigation on behalf of current long-term investors in shares of INTL Fcstone Inc (NASDAQ:INTL) was initiated concerning whether certain INTL Fcstone directors and officers breached their fiduciary duties and caused damages to the company and NASDAQ:INTL stockholders.
Investors who are current long term investors in INTL Fcstone Inc (NASDAQ:INTL) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:INTL stocks follows a lawsuit filed against INTL Fcstone Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:INTL stocks concerns whether certain INTL Fcstone INTL officers and directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the defendants made allegedly false and/or misleading statements and/or failed to disclose that there existed critical integration issues with the companies acquisitions, including with respect to financial reporting for its Commodity and Risk Management unit, that INTL Fcstone Inc overstated revenues in trading gains of up to $10.2 million, causing an overstatement of net income by approximately $6.4 million, that INTL Fcstone Inc lacked adequate internal and financial controls; and that as a result of the foregoing INTL Fcstone Inc’s statements were materially false and misleading at all relevant times.
On December 17, 2013, INTL Fcstone Inc announced that it has filed a Form with the U.S. Securities and Exchange Commission, stating that the Company was not able to file its Form 10-K for the fiscal year ended September 30, 2013. INTL Fcstone Inc said that in connection with the preparation of its consolidated financial statements for the fiscal year ended September 30, 2013, it identified errors in the reconciliation of the Company’s subsidiary INTL FCStone Markets, LLC’s accounting records to its back office system, which has resulted in a delay in finalizing the Company’s consolidated financial statements required to be included in the Company’s Form 10 K. Shares of INTL Fcstone Inc (NASDAQ:INTL) declined from almost $21 per share in late November 2013 to as low as $17.24 per share in February 2013.
On April 1, 2014, NASDAQ:INTL shares closed at $19.22 per share.
Those who purchased shares of INTL Fcstone Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com