SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in INTL FCStone, Inc. of Class Action Lawsuit and Upcoming
Deadline -- INTL
NEW YORK, March 2, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class
action lawsuit against INTL FCStone, Inc. ("INTL FCStone" or the "Company")
(Nasdaq:INTL) and certain of its officers. The class action, filed in United
States District Court, Southern District of New York, and docketed under
14-cv-232, is on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired securities of INTL FCStone between February
17, 2010 and December 16, 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 INTL FCStone securities during the
Class Period, you have until March 14, 2014 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
email@example.com 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.
INTL FCStone is a financial services holding company.The Company and its
subsidiaries offer a broad spectrum of financial services to its customers
throughout the world, including execution and advisory services in
commodities, currencies, and international securities.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose
that: (1) there existed critical integration issues with the companies
acquisitions, including with respect to financial reporting for its Commodity
and Risk Management unit; (2) the Company overstated revenues in trading gains
of up to $10.2 million, causing an overstatement of net income by
approximately $6.4 million; (3) the Company lacked adequate internal and
financial controls; and, (4) as a result of the foregoing, the Company's
statements were materially false and misleading at all relevant times.
On February 9, 2012, the Company held a conference call with investors to
discuss its first quarter 2012 performance.The Company reported revenues $20
million lower than the same period for the prior year. During the conference
call, the Company discussed various critical issues such as slowing revenue
streams and falling volume in the commodities market. On this news, the
Company's shares fell $3.94 per share, or 14%, to close on February 9, 2012 at
$22.54 per share.
On December 17, 2013, the Company disclosed that it will not be able to file
its Form 10-K for the fiscal year ended September 30, 2013, due to a review to
evaluate the need to restate its financial results for its 2011, 2012 and 2013
fiscal years as a result of an overstatement of trading gains discovered in
the reconciliation of FCStone Markets, one of the Company's subsidiaries. The
Company advised that the restatement will reduce previously reported trading
gains by up to $10.2 million and consolidated net income by approximately $6.4
million.On this news, INTL FCStone securities declined $1.62 per share, or
nearly 8%, to close at $18.93 per share on December 17, 2013.
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
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