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INTL FCStone, Inc. INTL Securities Lawsuit

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Company: INTL FCStone, Inc.
Ticker Symbol: INTL
Class Period: Feb-17-10 to Dec-16-13
Date Filed: Jan-14-14
Lead Plaintiff Deadline: Mar-15-14
Court: Southern District of New York
Allegations:
New York, NY: A securities class action lawsuit has been filed against INTL FCStone, Inc. ("INTL FCStone" or the "Company") and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-232, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of INTL FCStone between February 17, 2010 and December 16, 2013, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

INTL FCStone is a financial services holding company. The Company and its subsidiaries offer a broad spectrum of financial services to its customers throughout the world, including execution and advisory services in commodities, currencies, and international securities.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there existed critical integration issues with the companies acquisitions, including with respect to financial reporting for its Commodity and Risk Management unit; (2) the Company overstated revenues in trading gains of up to $10.2 million, causing an overstatement of net income by approximately $6.4 million; (3) the Company lacked adequate internal and financial controls; and, (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On February 9, 2012, the Company held a conference call with investors to discuss its first quarter 2012 performance. The Company reported revenues $20 million lower than the same period for the prior year. During the conference call, the Company discussed various critical issues such as slowing revenue streams and falling volume in the commodities market. On this news, the Company's shares fell $3.94 per share, or 14%, to close on February 9, 2012 at $22.54 per share.

On December 17, 2013, the Company disclosed that it will not be able to file its Form 10-K for the fiscal year ended September 30, 2013, due to a review to evaluate the need to restate its financial results for its 2011, 2012 and 2013 fiscal years as a result of an overstatement of trading gains discovered in the reconciliation of FCStone Markets, one of the Company's subsidiaries. The Company advised that the restatement will reduce previously reported trading gains by up to $10.2 million and consolidated net income by approximately $6.4 million. On this news, INTL FCStone securities declined $1.62 per share, or nearly 8%, to close at $18.93 per share on December 17, 2013.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

INTL FCStone, Inc. INTL Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible INTL FCStone, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.

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