SOURCE: Bernstein Litowitz Berger & Grossmann; Saxena White P.A.

November 20, 2013 15:37 ET

Bernstein Litowitz Berger & Grossmann LLP and Saxena White P.A. Announce Securities Class Action Suit Filed Against DFC Global Corp. and Certain of Its Senior Executives

NEW YORK, NY--(Marketwired - Nov 20, 2013) - Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") and Saxena White P.A. ("Saxena White") today announced that they have filed a securities class action lawsuit on behalf of West Palm Beach Police Pension Fund ("Palm Beach") against DFC Global Corp. ("DFC Global" or the "Company") (NASDAQ: DLLR) and certain of its senior executives. The action, which is captioned West Palm Beach Police Pension Fund v. DFC Global Corp., 2:13-cv-06731-TON (E.D. Pa.), asserts claims under the Securities Exchange Act of 1934 ("Exchange Act") on behalf of investors in DFC Global common stock during the period of January 28, 2011 through August 22, 2013 (the "Class Period").

The Complaint alleges that during the Class Period, DFC Global misrepresented to investors that it complied with government regulations and guidance with regard to irresponsible lending practices in the United Kingdom ("U.K."), and that the Company made conservative underwriting decisions when making loans. The Company also knowingly understated its loss rates for loans, and issued false earnings guidance for its 2013 fiscal year. When the Company ultimately revealed the truth about its high-risk lending and its financial condition, the price of DCF Global stock fell over $7 per share. 

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is January 21, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com, or Joseph E. White III of Saxena White at 561-394-3399, or via e-mail at jwhite@saxenawhite.com.

Saxena White has extensive experience representing both institutional and individual clients in complex litigation, including securities fraud class actions, shareholder rights litigation, corporate governance actions, SEC whistleblower representation and consumer class actions. Since Saxena White's inception, the firm and its attorneys have actively litigated over 100 such actions, over 75% of which have involved public pension fund clients, and have obtained hundreds of millions of dollars on behalf of aggrieved shareholders. More information about Saxena White can be found online at www.saxenawhite.com

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1285 Avenue of Americas, 38th Floor
    New York, New York 10019
    Telephone: (212) 554-1493

    Joseph E. White III
    Saxena White P.A.
    2424 North Federal Highway, Suite 257
    Boca Raton, Florida 33431
    Telephone: (561) 394 3399