According to the law firm press release, BancorpSouth, Inc. operates as a financial holding company for BancorpSouth Bank that provides commercial banking and financial services to individuals and small-to-medium size businesses.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's procedures, systems and processes related to certain of its lending and compliance programs. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) BancorpSouth's operations and credit practices violated the Bank Secrecy Act ("BSA") and federal anti-money-laundering programs; (2) the Company's lending practices were not in compliance with the regulations promulgated by the Consumer Financial Protection Bureau; and as a result of the above, (3) BancorpSouth's financial statements were materially false and misleading at all relevant times; and (4) regulatory scrutiny into the Company's lending practices could severely jeopardize the Company's ability to close recently announced mergers with Central Community Corporation and Ouachita Bancshares Corp.

On July 21, 2014, after the market closed, BancorpSouth issued a press release announcing financial results for the second quarter ended June 30, 2014. The press release also disclosed "The Company has learned that federal bank regulators have identified concerns during the course of routine supervisory activities regarding the Company's procedures, systems and processes related to certain of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs."

On this news, shares of BancorpSouth fell $1.90, or over 8%, on extremely heavy volume, to close at $21.51 on July 22, 2014.

On October 22, 2014, the Court appointed lead Plaintiff and approved the selection of lead Counsel. Lead Plaintiff filed an amended Complaint on January 9, 2015.

On March 30, 2018, the parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on April 3, 2018. On September 21, the Court granted final approval of the Settlement and entered Final Judgment.