EZCORP Inc (NASDAQ: EZPW) Investor Securities Class Action Lawsuit 08/22/2014

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Company Name(s): 
Case Name: 
EZCORP Shareholder Class Action Lawsuit 08/22/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

The settlement includes all persons and entities who, during the period between April 19, 2012, and October 6, 2014 purchased or otherwise acquired Class A common stock issued by EZCORP Inc.

April 26, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 4, 2017 - The court preliminarily approved the settlement.

December 23, 2016 - Parties filed a stipulation of settlement.

March 31, 2016 - The court granted in part and denied in part defendants' motions to dismiss.

April 27, 2015 - Defendants filed motions to dismiss.

March 13, 2015 - The lead plaintiff filed an amended consolidated complaint.

January 26, 2015 - Lead plaintiff and lead counsel were appointed.

November 17, 2014 - All cases were consolidated.

October 21, 2014 - A lead plaintiff motion was filed.

August 22, 2014 - An investor in shares of EZCORP Inc (NASDAQ: EZPW) filed a lawsuit in the U.S. District Court for the Southern District of New York against EZCORP Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 30, 2013 and July 18, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of EZCORP Inc (NASDAQ: EZPW) common shares between April 30, 2013 and July 18, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or failed to disclose that the implementation of certain strategic and growth initiatives was less successful than represented, that certain of EZCORP Inc’s business units and investments were not performing as well as represented, and that as a result of the above, EZCORP Inc’s statements about its business and operations were allegedly materially false and misleading at all relevant times.

EZCORP Inc reported that its Total Revenue rose from $975.12 million for the 12 months period that ended on Sept. 30, 2012 to over $1.01 billion for the 12 months period that ended on September 30, 2013 and that its respective Net Income declined from $143.71 million to $34.08 million. Shares of EZCORP Inc (NASDAQ: EZPW) declined from over $32 per share in March 2012 to $9.35 per share in late January 2014.

Then on July 18, 2014, MS Pawn Corporation, the voting shareholder of EZCORP Inc’s Class B voting common stock, announced the removal from EZCORP Inc of Paul Rothamel as director, President and Chief Executive Officer, William Love as Chairman of the Board of Directors, and Joseph Beal as director. Shares of EZCORP Inc (NASDAQ: EZPW) declined from $11.12 per share on July 18, 2014 to as low as $9.29 per share on August 1, 2014.