Prospect Capital Corporation Securities Litigation
On or around 06/27/2014 (Other)
Filing Date: May 27, 2014
According to the law firm press release, the complaint asserts that Prospect, through its officers and directors, made false and misleading statements and omissions regarding the Company's internal financial controls and its accounting for certain of its subsidiaries and the consolidation of those subsidiaries. These statements are alleged to have been false and misleading when made because: (i) the Company was suffering from grossly deficient internal controls and therefore was susceptible to accounting fraud; (ii) Defendants failed to disclose the true nature of the accounting irregularities regarding the accounting for its subsidiaries; and (iii) the Company's financial statements during the Class Period were inaccurate in numerous material respects. The improper accounting has been the subject of an SEC inquiry, and was done in violation of SEC policies.
On June 20, 2014, a Notice was filed by plaintiff dismissing this action as to all defendants.
Company & Securities Information
Defendant: Prospect Capital Corporation
Industry: Investment Services
Headquarters: United States
Ticker Symbol: PSEC
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
David Winkler, et al. v. Prospect Capital Corporation, et al.