The Shareholders Foundation announces that an investigation for current long-term investors in NASDAQ:CONN shares is ongoing concerning potential breaches of fiduciary duties by certain CONN’S directors and officers.
Investors who are current long term investors in CONN’S, Inc. (NASDAQ:CONN shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:CONN stocks follows a lawsuit filed recently against CONN’S, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:CONN stocks, concerns whether certain CONN’S officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the true state of its deteriorated credit portfolio was revealed on December 9, 2014, when the Conn’s withdrew its financial guidance and admitted that its prior financial guidance was not “acceptably accurate.
On Sept. 2, 2014, CONN’S, Inc. announced its second quarter fiscal 2015 financial results and updates its fiscal year 2015 earnings guidance. Shares of CONN’S, Inc. (NASDAQ:CONN) declined from $44.83 per share on August 29, 2014, to $31.06 per share during September 2, 2014, respectively $29.00 per share on September 4, 2014.
On December 9, 2014 Conn’s, Inc. reported its third quarter fiscal 2015 financial results. Conn’s reported that its third quarter Revenue rose from $310.87 million in 2013 to $370.05 million in 2014 and that its third quarter Net Income of $24.37 million in 2013 declined to a third quarter Net Loss of $3.06 million in 2014. Conn’s also announced the resignation of its CFO Brian Taylor. Additionally, Conn’s withdrew its earnings guidance for fiscal 2015 and did not provide earnings guidance with respect to fiscal 2016. Conn’s also said that it recognized that its credit operations forecasting has not been acceptably accurate. Shares of CONN’S, Inc. (NASDAQ:CONN) dropped from $36.00 per share on December 8, 2014 to as low as $19.57 per share on December 9, 2014 and continued to decline to as low as $15.30 per share on December 12, 2014.
On January 20, 2015, NASDAQ:CONN shares closed at $15.85 per share.
Those who purchased shares of CONN’S, Inc. (NASDAQ:CONN) have certain options and should contact the Shareholders Foundation.
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