According to the law firm press release, EZCORP offers customers multiple ways to access instant cash, including pawn loans and consumer loans in the United States, Mexico, Canada and the United Kingdom. The Company offers these products through four primary channels: in-store, online, at the worksite, and through a mobile platform. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the implementation of certain strategic and growth initiatives was less successful than represented; (ii) certain of the Company’s business units and investments were not performing as well as represented; and (iii) as a result of the above, the Company’s statements about its business and operations were materially false and misleading at all relevant times.
On July 18, 2014, MS Pawn Corporation, the voting shareholder of EZCORP’s Class B voting common stock, announced the removal from EZCORP of certain directors and officers. Following this news, shares of EZCORP declined more than 12 percent on July 21, 2014.
On January 26, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed a consolidated complaint on March 13.
On March 31, 2016, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss.
On December 23, 2016, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved on January 4. The Settlement was granted final approval on April 26, 2017, and this case was dismissed.
On September 7, 2018, the Court issued an Order approving the Settlement's distribution plan.