|By Marketwired .||
|June 14, 2014 11:36 AM EDT||
NEW YORK, NY -- (Marketwired) -- 06/14/14 -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Regional Management Corporation ("Regional" or the "Company") (NYSE: RM) of the July 29, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Regional and certain executives and directors of the Company and venture capital backers of the Company.
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased Regional common stock pursuant to the Registration Statement issue in connection with Company's September 20, 2013 and December 5, 2013 secondary public offerings (the "Offerings") (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
The complaint alleges that the Registration Statement and Prospectuses used to effectuate the Offerings failed to adequately disclose the Company's (a) increasing deterioration of underwriting standards, leading to higher percentages of delinquencies and loan charge-offs; (b) failure to adequately reserve for loan losses; and (c) repeated debt refinancing tactics used to increase loan amounts and interest rates, a practice the U.S. Consumer Finance Protection Bureau was then actively investigating and clamping down on. In addition, defendants misstated the Company's fourth quarter and fiscal 2012 financial reports and failed to report defects in its internal controls.
As these unscrupulous tactics and false financial statements came to light, the stock price declined approximately 50% from what the Offerings were priced at just months earlier.
Request more information now by clicking here: www.faruqilaw.com/RM. There is no cost or obligation to you.
If you invested in Regional stock or options in connection with the Company's Offerings and would like to discuss your legal rights, visit www.faruqilaw.com/RM. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Regional's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292