BancorpSouth Inc (NYSE: BXS) Investor Securities Class Action Lawsuit 07/31/2014

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Company Name(s): 
BancorpSouth
Case Name: 
BancorpSouth Shareholder Class Action Lawsuit 07/31/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BXS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/31/2014
Class Period Begin: 
07/12/2013
Class Period End: 
07/21/2014
Court of Filing: 
U.S. District Court for the Middle District of Tennessee
Deadline To File for Lead: 
09/29/2014
Date Settled: 
04/03/2018
Settlement Amount: 
$13,000,000
Deadline to Participate in Settlement: 
08/23/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

April 3, 2018 - The court preliminarily approved the settlement.

March 30, 2018 - Parties filed a stipulation of settlement.

July 10, 2015 - The court granted in part and denied in part defendants' motion to dismiss.

March 10, 2015 - The defendants filed a motion to dismiss.

January 9, 2015 - The lead plaintiff filed an amended complaint.

October 22, 2014 - The lead plaintiff and lead counsel were appointed.

September 29, 2014 - Lead plaintiff motions were filed.

July 31, 2014 - An investor in shares of BancorpSouth Inc (NYSE: BXS) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against BancorpSouth Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 8, 2014 and July 21, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of BancorpSouth Inc (NYSE: BXS) common shares between January 8, 2014 and July 21, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that BancorpSouth Inc’s operations and credit practices violated the Bank Secrecy Act ("BSA") and federal anti-money-laundering programs, that BancorpSouth Inc’s lending practices were not in compliance with the regulations promulgated by the Consumer Financial Protection Bureau; and as a result of the above, that BancorpSouth Inc’s financial statements were materially false and misleading at all relevant times, and that regulatory scrutiny into the company's lending practices could severely jeopardize the Company's ability to close recently announced mergers with Central Community Corporation and Ouachita Bancshares Corp.

BancorpSouth Inc reported that its annual Net Income rose from $22.94 million in 2010 to $94.11 million in 2013. Shares of BancorpSouth Inc (NYSE: BXS) grew from $8.57 per share in November 2011 to as high as $25.90 per share in April 2014.

Then on July 22, 2014, BancorpSouth Inc announced its second quarter 2014 financial results. Among other things, BancorpSouth Inc also said that it has learned that federal bank regulators have identified concerns during the course of routine supervisory activities regarding the Company’s procedures, systems and processes related to certain of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs. In addition, BancorpSouth Inc said that the Consumer Financial Protection Bureau currently is conducting a review of BancorpSouth Inc's fair lending practices. Shares of BancorpSouth Inc (NYSE: BXS) declined from $23.41 per share on July 21, 2014, to as low as $20.87 per share on July 23, 2014 and continued to decline to as low as $20.21 per share on August 7, 2014.

On August 8, 2014, NYSE: BXS shares closed at $20.43 per share.