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Case Status:    ONGOING    
On or around 09/06/2016 (Ongoing date of last review)

Filing Date: July 31, 2014

According to the law firm press release, BancorpSouth 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BXS
Company Market: New York SE
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.
COURT: M.D. Tennessee
DOCKET #: 14-CV-01564
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 07/31/2014
CLASS PERIOD START: 01/08/2014
CLASS PERIOD END: 07/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bramlett Law Offices (Nashville)
    2400 Crestmoor Road; P.O. Box 150734, Bramlett Law Offices (Nashville), TN 37215
    615.248.2828 866.816.4116 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: M.D. Tennessee
DOCKET #: 14-CV-01564
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 01/09/2015
CLASS PERIOD START: 01/08/2014
CLASS PERIOD END: 07/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrett Johnston Martin & Garrison, LLC
    414 Union Street, Suite 900, Barrett Johnston Martin & Garrison, LLC, TN 37219
    615-244-2202 615-252-3798 ·
  2. Robbins Geller Rudman & Dowd LLP (Nashville)
    414 Union Street, Suite 900, Robbins Geller Rudman & Dowd LLP (Nashville), TN 37219
    615-244-2203 615-252-3798 ·
  3. Sugarman & Susskind
    100 Miracle Mile, Suite 300, Sugarman & Susskind, FL 33134
    305/529-2801 305/447-8115 ·
No Document Title Filing Date