Business & Finance
Fri, September 23, 2011Thu, September 22, 2011Wed, September 21, 2011Tue, September 20, 2011Mon, September 19, 2011Sun, September 18, 2011Fri, September 16, 2011Thu, September 15, 2011Wed, September 14, 2011Tue, September 13, 2011Mon, September 12, 2011Sun, September 11, 2011Sat, September 10, 2011Fri, September 9, 2011Thu, September 8, 2011Wed, September 7, 2011Faruqi & Faruqi, LLP Announces Investigation Of Penson Worldwide, Inc.
Published in Business and Finance on Thursday, September 15th 2011 at 8:58 GMT by Market Wire
NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Penson Worldwide, Inc. (aPensona or the aCompanya) (NASDAQ: PNSN). Faruqi & Faruqi, LLP seeks to determine whether Penson violated federal securities laws in connection with statements made to the Companya™s shareholders.
Request more information now by clicking here: [ www.faruqilaw.com/PNSN ]
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) approximately $43 million of the Companya™s approximately $96-97 million in receivables were unlikely to be collected as they were collateralized by illiquid securities; (2) the Companya™s assets should have been written down by the end of 2010 as they were materially overstated; and (3) the Company overstated its reported income and EBITDA.
On August 4, 2011, the Company announced that it had recorded a non-cash write down of $43 million, which amounted to a loss of $0.94 per share net of tax, against approximately $96.6 million of nonaccrual receivables. On this news, the share price of Penson common stock plummeted 19% from $2.61 to $2.12 on August 5, 2011.
Take Action
If you purchased Penson securities between February 10, 2011 and August 4, 2011, and you would like to discuss your legal rights, visit [ www.faruqilaw.com/PNSN ]. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [ avozzolo@faruqilaw.com ] or [ rgonnello@faruqilaw.com ]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pensona™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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