SOURCE: Brower Piven, A Professional Corporation

May 16, 2010 12:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in BancorpSouth, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the July 12, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - May 16, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of the common stock of BancorpSouth, Inc. ("BancorpSouth" or the "Company") (NYSE: BXS) during the period between July 23, 2009 and February 25, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 12, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period the extent of its seriously delinquent commercial real estate loans and construction and land loans and that the Company had failed to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false.. According to the complaint, after, on February 25, 2010, the Company announced that it would be postponing the filing of its Form 10-K with the SEC for the year ended December 31, 2009, in order to further review its allowance for credit losses and their impact on the Company's results and that, based on its review, it expected to adjust its previously reported financial results for the quarter and year ended December 31, 2009 to decrease net income, the value of BancorpSouth's stock declined significantly.

If you have suffered a net loss for all transactions in BancorpSouth, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact