Business & Finance
Business and Finance
Business and Finance
Fri, September 9, 2011
Thu, September 8, 2011 Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Penson Worldwide,;; Inc.
LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Penson Worldwide, Inc. (aPenson Worldwidea or the aCompanya) (NASDAQ:PNSN) between February 10, 2011 and August 4, 2011, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Northern District of Texas.
Penson Worldwide, through its subsidiaries, provides securities and futures processing infrastructure products and services to the financial services industry. The Complaint alleges that during the Class Period, Penson concealed from investors that by at least the end of 2010: (1) the Company had approximately $96-97 million in receivables, of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; (2) the Companya™s assets (Nonaccrual Receivables) were materially overstated and should have been written down at least by the end of 2010; (3) as a result, the Companya™s reported income and EBITDA (earnings before interest, taxes, depreciation and amortization and stock-based compensation, and excluding certain nonoperating expenses) were materially overstated; and (4), the Companya™s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Penson Worldwide securities between February 10, 2011 and August 4, 2011, you have certain rights, and have until October 24, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ].
