SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

May 18, 2010 11:48 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased BancorpSouth, Inc. Common Stock Between July 23, 2009 and February 25, 2010; Encourages Investors With Significant Losses to Consider Seeking a Lead Plaintiff Appointment - BXS

DENVER, CO--(Marketwire - May 18, 2010) -  Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action in the United States District Court for the Middle District of Tennessee on behalf of investors who purchased or otherwise acquired BancorpSouth, Inc. (NYSE: BXS) common stock during the period between July 23, 2009 and February 25, 2010 (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.

If you wish to serve as a lead plaintiff, you must move the court no later than July 12, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the company's business and financial results and engaged in improper behavior that harmed BancorpSouth's investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. The company also failed to adequately and timely record losses for its impaired loans, causing its financial statements to be materially false. As a result of defendants' false statements, BancorpSouth's stock traded at artificially inflated prices during the Class Period, reaching a high of $25.13 per share on October 14, 2009.

On February 25, 2010, after the market closed, BancorpSouth announced that it would be postponing the filing of its Form 10-K 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. BancorpSouth further reported 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. On this news, BancorpSouth's stock fell $3.10 per share to close at $19.47 per share on February 26, 2010, a one-day decline of over 13% on high volume, and a decline of 23% from the stock's Class Period high.

Plaintiff seeks to recover damages on behalf of BXS investors. The plaintiff is represented by Dyer & Berens LLP, which has significant expertise in prosecuting investor class actions. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact