|By Marketwired .||
|June 25, 2014 07:00 AM EDT||
NEW YORK, NY -- (Marketwired) -- 06/25/14 -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") today announced that all putative securities class action complaints against Prospect, John F. Barry III and Brian H. Oswald relating to Prospect's historical accounting have been voluntarily dismissed.
On May 6, 2014, Prospect announced that (i) Prospect disagreed with the initial position of the Securities and Exchange Commission ("SEC") Investment Management staff that Prospect's historical non-consolidation of certain wholly-owned holding companies required a restatement of Prospect's prior period financial statements, and (ii) Prospect intended to appeal through the SEC's Office of the Chief Accountant. In May 2014, three putative securities class action complaints were filed based on the SEC staff's initial position that a restatement would be required. On June 10, 2014, Prospect announced that Prospect's historical financial statements would not need to be restated for holding company consolidation. Following that announcement, all three putative class plaintiffs voluntarily dismissed their lawsuits without prejudice.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
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