CONN's Inc (NASDAQ: CONN) Investor Securities Class Action Lawsuit 03/05/2014

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 10, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
CONN'S
Case Name: 
CONN'S Shareholder Class Action Lawsuit 03/05/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CONN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/05/2014
Class Period Begin: 
04/03/2013
Class Period End: 
12/09/2014
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
05/05/2014
Date Settled: 
06/28/2018
Settlement Amount: 
$22,500,000
Deadline to Participate in Settlement: 
11/10/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

The settlement includes all persons who or which purchased or otherwise acquired the publicly traded common stock and/or call options of Conn’s Inc, or sold/wrote Conn Inc’s put options, during the period from April 3, 2013 through December 9, 2014.

June 28, 2018 - The court preliminarily approved the settlement.

June 13, 2018 - Parties filed a stipulation of settlement.

May 5, 2016 - The court granted in part and denied in part defendants motion to dismiss.

August 28, 2015 - Defendants filed a motion to dismiss.

July 21, 2015 - The lead plaintiffs filed a fourth amended consolidated complaint on behalf of investors who purchased Conn's Inc (NASDAQ: CONN) common shares between April 3, 2013 and December 9, 2014. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 3, 2013 and December 9, 2014.

April 10, 2015 - Cases were consolidated.

April 10, 2015 - The lead plaintiffs filed a third amended consolidated complaint.

December 15, 2014 - Defendants filed a motion to dismiss.

October 29, 2014 - The lead plaintiffs filed a second amended consolidated complaint on behalf of investors who purchased Conn's Inc (NASDAQ: CONN) common shares between April 3, 2013 and August 29, 2014. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 3, 2013 and August 29, 2014.

September 4, 2014 - Defendants filed a motion to dismiss.

July 21, 2014 - The lead plaintiffs filed an amended consolidated complaint.

June 3, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 5, 2014 - An additional investor filed a complaint and lead plaintiff motions were filed.

March 7, 2014 - Another investor filed a complaint.

March 5, 2014 - An investor in shares of Conn's Inc (NASDAQ: CONN) filed a lawsuit in the U.S. District Court for the Southern District of Texas against Conn's Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 3, 2013 and February 19, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Conn's Inc (NASDAQ: CONN) between April 3, 2013 and February 19, 2014, that Conn's 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 defendants between April 3, 2013 and February 19, 2014 issued allegedly false and misleading statements or allegedly 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, and that as a result of the defendants’ statements, Conn’s stock traded at artificially inflated levels between April 3, 2013 and February 19, 2014, reaching a high of $79.24 per share on December 26, 2013.

Conn's Inc reported that its Total Revenue rose from $792.30 million for the 12 months period that ended on January 31, 2012 to $865.03 million for the 12 months period that ended on January 31, 2013 and that its Net Loss of $3.72 million for the 12 months period that ended on January 31, 2012 turned into a Net Income of $52.61 million for the 12 months period that ended on January 31, 2013.

Shares of Conn's Inc (NASDAQ: CONN) grew from $4.29 per share in early 2011 to as high as $79.24 per share last December 2013.

Then on February 20, 2014, Conn's Inc announced its preliminary fourth quarter fiscal 2014 results and updated its fiscal earnings guidance. Conn's Inc announced that its “[c]redit segment provision for bad debts as a percentage of the average outstanding portfolio balance is expected to exceed previously issued full-year fiscal 2014 guidance,” and that the “percentage of the customer portfolio balance 60-plus days delinquent was 8.8% at January 31, 2014, an increase of 30 basis points from October 31, 2013.” Conn's Inc announced also revealed that it was lowering its recently issued fiscal 2015 earnings guidance.

Shares of Conn's Inc (NASDAQ: CONN) declined from $79.24 per share in December 2013 to as low as $31.89 per share on February 20, 2014.

On March 5, 2014, Conn's Inc (NASDAQ: CONN) shares closed at $35.56 per share.