Ryan & Maniskas, LLP Announces Class Action Lawsuit Against INTL FCStone Inc.
WAYNE, Pa., Jan. 13, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired securities of INTL FCStone ("INTL FCStone" or the "Company") (NASDAQ: INTL) between February 17, 2010 and December 16, 2013, both dates inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/intl.
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.
If you are a member of the class, you may, no later than March 14, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/intl or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP