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The Briscoe Law Firm and Powers Taylor LLP Announce Investigation of Penson Worldwide, Inc.

^{Published on 2011-08-25 10:13:05 - Market Wire}
 

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 class action has been filed against Penson Worldwide, Inc. (aPensona or aPNSNa) (NASDAQ: PNSN) for alleged violations of federal securities laws. The firms are investigating additional legal claims against the officers and Board of Directors of Penson related to potentially misleading statements issued by Penson between February 20, 2011 and August 4, 2011 (the aClass Perioda).

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

It is alleged that during the Class Period, Penson and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Pensona™s business and operations in violation of the Securities Exchange Act of 1934. Specifically, ita™s alleged that by at least the end of 2010: i) Penson had approximately $96-97 million in receivables ("Nonaccrual Receivables") of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; ii) Pensona™s Nonaccrual Receivables were materially overstated and should have been written down at least by the end of 2010; iii) as a result, the company's reported income and EBITDA were materially overstated; and iv) Pensona™s financial statements were not prepared in accordance with generally accepted accounting principles (GAAP).

[ 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.