DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against DFC Global Corp. (“DFC” or “Company”) (NasdaqGS: DLLR) and several officers and directors for acts taken during the period of January 28, 2011 to August 22, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of DFC. If you are an affected DFC shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that (i) the Company would issue high-fee predatory loans to consumers that had no reasonable means to be repaid; (ii) the Company regularly rolled over or refinanced its loans in order to delay or avoid defaults; (iii) the Company failed to conduct adequate affordability assessments on its customers; (iv) the Company understated its loan loss rates; (v) the Company’s earnings guidance for its 2013 fiscal year was inflated because it was dependent upon the Company’s improper lending practices; and (vi) as a result, DFC failed to comply with industry regulations and guidance. According to the complaint, when the truth of DFC’s “widespread irresponsible lending” was revealed to the market, DFC stock dropped dramatically.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.