BancorpSouth, Inc. - Securities Class Action

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BancorpSouth, Inc. Summary: According to a press release dated May 12, 2010, the complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results and engaged in improper behavior that harmed BancorpSouth’s investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. The Company also failed to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false. As a result of defendants’ false statements, BancorpSouth’s stock traded at artificially inflated prices during the Class Period, reaching a high of $25.13 per share on October 14, 2009.

On February 25, 2010, after the market closed, BancorpSouth announced that it would be postponing the filing of its Form 10-K with the SEC for the year ended December 31, 2009, in order to further review its allowance for credit losses and their impact on the Company’s results. BancorpSouth further reported that based on its review, it expected to adjust its previously reported financial results for the quarter and year ended December 31, 2009 to decrease net income. On this news, BancorpSouth’s stock fell $3.10 per share to close at $19.47 per share on February 26, 2010, a one-day decline of over 13% on high volume, and a decline of 23% from the stock’s Class Period high.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) defendants failed to properly account for BancorpSouth’s construction and commercial real estate loans, failing to reflect impairment in the loans; (b) defendants had not adequately reserved for BancorpSouth’s loan losses such that its financial statements were presented in violation of Generally Accepted Accounting Principles; and (c) the ompany failed to maintain proper internal controls related to its accounting for its loan loss reserves.

On August 3, 2010, Magistrate Judge John S. Bryant signed the Order appointing Edward B. Winslow as Lead Plaintiff and approving Lead Plaintiff's selection of law firm of Robbins Geller Rudman & Dowd LLP and Dyer & Berens LLP as Co-Lead Counsel and Barrett Johnston, LLC as Liaison Counsel. The Consolidated Amended Complaint was filed on September 17, 2010. The defendants responded by filing a motion to dismiss on November 15, 2010.

On April 26, 2011, Magistrate Judge John S. Bryant signed the Report and Recommendation that the defendants motion to dismiss be denied.

INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Regional Banks

COMPANY/ISSUER NAME:	BancorpSouth, Inc.
COMPANY/ISSUER TICKER:	BXS
COMPANY WEBSITE:	http://www.bancorpsouth.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Edward B. Winslow, et al. v. BancorpSouth, Inc., et al.

COURT: M.D. Tennessee	DOCKET NUMBER: 10-CV-00463
JUDGE NAME: Hon. Robert Echols
DATE FILED: 05/12/2010	SOURCE:
CLASS PERIOD START: 07/23/2009	CLASS PERIOD END: 02/25/2010
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Barrett, Johnston & Parsley 217 Second Avenue, N, Nashville, TN, 37201 (voice) 615.244.2202, (fax) , Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 401 B Street, Suite 1700, San Diego, CA, 92101 (voice) 206.749.5544, (fax) 206.749.9978, info@csgrr.com/ Dyer & Berens LLP 303 East 17th Avenue, Suite 300, Denver, CO, 80203 (voice) 303.861.1764, (fax) 303.861.1764, Holzer Holzer & Fistel, LLC (Atlanta) 200 Ashford Center North, Suite 300, Atlanta, GA, 30338 (voice) 770.392.0090, (fax) 770.392.0090, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 4

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 05/12/2010
Order Granting Edward B. Winslow’s Motion For Appointment As Lead Plaintiff And Approving Selection Of Lead Counsel
Type: Order Appointing LP/LC		Date on the document: 08/03/2010

REFERENCE COMPLAINT

Edward B. Winslow, et al. v. BancorpSouth, Inc., et al.

COURT: M.D. Tennessee	DOCKET NUMBER: 10-CV-00463
JUDGE NAME:
DATE FILED: 09/17/2010	SOURCE:
CLASS PERIOD START: 04/23/2009	CLASS PERIOD END: 02/25/2010
TYPE OF COMPLAINT: Consolidated Complaint
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Dyer & Berens LLP 303 East 17th Avenue, Suite 300, Denver, CO, 80203 (voice) 303.861.1764, (fax) 303.861.1764, Robbins Geller Rudman & Dowd LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, Robbins Geller Rudman & Dowd LLP (San Francisco) 100 Pine Street, Suite 2600, San Francisco, CA, 94111 (voice) 415.288.4545, (fax) 415.288.4534, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amend Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 09/17/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 08/19/2011

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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