SAN DIEGO, June 2, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Regional Management Corp (RM) common stock over alleged violations of Federal Securities Laws by Regional Management Corp in connection with certain allegedly false and misleading statements.
If you purchased a significant amount of shares of Regional Management Corp (RM) pursuant to the Company's public stock offerings on September 20, 2013 at $27.50 per share and on December 5, 2013 at $31 per share (collectively, the "Offerings"), you have certain options and for certain investors are short and strict deadlines running. Regional Management investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the Registration Statement and Prospectuses used to effectuate the Offerings allegedly failed to adequately disclose Regional Management Corp's increasing deterioration of underwriting standards, leading to higher percentages of delinquencies and loan charge-offs, Regional Management Corp's failure to adequately reserve for loan losses, and repeated debt refinancing tactics used to increase loan amounts and interest rates, a practice the U.S. Consumer Finance Protection Bureau was then actively investigating and clamping down on.
Furthermore, the plaintiff claims that defendants allegedly misstated Regional Management Corp's fourth quarter and fiscal 2012 financial reports and failed to report defects in its internal controls and that as these unscrupulous tactics and false financial statements came to light, the stock price declined approximately 50% from what the Offerings were priced at just months earlier.
Shares of Regional Management Corp (RM) declined from $35.93 per share in January 2014 to as low as $13.95 per share on May 16, 2014.
Those who purchased shares of Regional Management Corp on September 20, 2013 and/or on December 5, 2013 have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.Trevor Allen
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
Source: Shareholders Foundation, Inc.