NEW YORK, March 6, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading securities and shareholder rights law firm that represents shareholders throughout the nation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Conn's, Inc. ("Conn's") (CONN) common stock during the period between April 3, 2013 and February 19, 2014 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Tripp Levy PLLC at 1-877-772-3975 or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that during the Class Period, defendants issued false and misleading statements or 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. As a result of the defendants' false statements, Conn's stock traded at artificially inflated levels throughout the Class Period, reaching a high of $79.24 per share on December 26, 2013.
On February 20, 2014, the Company issued a press release announcing preliminary fourth quarter fiscal 2014 results and updating its fiscal 2015 earnings guidance. In the press release, the Company also revealed that it was lowering its recently issued fiscal 2015 earnings guidance. On this news, the price of Conn's common stock fell $23.91 per share, or almost 43%, on extremely heavy trading volume.
If you choose to retain counsel, you may retain Tripp Levy PLLC without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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SOURCE Tripp Levy PLLC