NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the securities of Conn’s, Inc. (NASDAQ:CONN) between April 3, 2013 and February 19, 2014, inclusive.
The filed complaint alleges that defendants failed to disclose negative trends in Conn’s business, including that the Company faced increased bad debt expenses as a result of rising customer delinquency. The majority of Conn’s customers utilize in-house financing plans.
On February 20, 2014, the Company issued a press release announcing preliminary fourth quarter 2014 results and updating 2015 projected guidance. In the release, the Company revealed that the provision for bad debts at January 31, 2014 would exceed the previously issued guidance that had been confirmed as recently as December 2013.
On this shocking news, the price of Conn’s, Inc. common stock fell $23.91, to close at $31.89, a market capitalization drop of $860 million.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Conn’s, Inc. (NASDAQ:CONN) who suffered a material loss on shares purchased within the class period and would like additional information concerning your rights in this matter, please contact us immediately:
Patrick Donovan, Esquire
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
Wolf Haldenstein Adler Freeman & Herz LLP did not file the original complaint against Conn’s Inc.
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