SOURCE: Izard Nobel LLP

May 18, 2010 12:52 ET

Izard Nobel LLP Announces Class Action Lawsuit Against BancorpSouth, Inc.

WEST HARTFORD, CT--(Marketwire - May 18, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between July 23, 2009 and February 25, 2010, inclusive (the "Class Period"). 

The Complaint charges that BancorpSouth and certain of its officers and executives violated federal securities laws. Specifically, the Complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results and failed 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.

On February 25, 2010, 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.

If you are a member of the class, you may, no later than July 12, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/bancorpsouth/, or contact Izard Nobel LLP toll-free: 800-797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com

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