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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against BancorpSouth, Inc.

^{Published on 2010-05-13 16:10:11 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/bxs ]) announces that a class action lawsuit has been filed in United States District Court for the Middle District of Tennessee on behalf of all persons or entities who purchased BancorpSouth, Inc. (aBancorpSoutha or the aCompanya) (NYSE: BXS) common stock during the period between July 23, 2009 and February 25, 2010 (the aClass Perioda).

For more information regarding this class action suit, please contact Ryan & Maniskas (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/bxs ].

BancorpSouth is a financial holding company. The complaint alleges that BancorpSouth and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, it is alleged that defendants failed to disclose the following material adverse facts: (1) that the defendants failed to reflect impairments in its construction and commercial real estate loans; (2) that the Companya™s financial statements were presented in violation of Generally Accepted Accounting Principles (aGAAPa) due to the defendantsa™ actions; and (3) that the Company lacked adequate internal controls.

On February 25, 2010, after the market closed, BancorpSouth announced that it would be postponing the filing of its Form 10-K with the SEC for the year ended December 31, 2009, in order to further review its allowance for credit losses and their impact on the Companya™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, BancorpSoutha™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 stocka™s Class Period high.

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 representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: [ www.rmclasslaw.com/cases/bxs ], or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: [ www.rmclasslaw.com ].