The Shareholders Foundation announces that an investor, who purchased shares of INTL Fcstone Inc (NASDAQ:INTL), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by INTL Fcstone Inc in connection with certain allegedly false and misleading statements made between February 17, 2010 and December 16, 2013.
Investors who purchased shares of INTL Fcstone Inc (NASDAQ:INTL) have certain options and for certain investors are short and strict deadlines running. Deadline: March 14, 2014. NASDAQ:INTL investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of INTL Fcstone Inc (NASDAQ:INTL) between February 17, 2010 and December 16, 2013, that INTL Fcstone Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims 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.
Shares of INTL Fcstone Inc (NASDAQ:INTL) rose from $16.28 in May 2013 to as high as $21.10 per share in October 2013.
Then 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 $17.25 per share in February 2014..
On March 17, 2014, NASDAQ:INTL shares closed at $18.83 per share.
Those who purchased shares of INTL Fcstone Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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