Multi Class Action Lawsuits Against Penson Worldwide

Multi Class Action Lawsuits Against Penson Worldwide


> Thursday, 25 Aug 2011 06:01pm EDT

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The Rosen Law Firm, P.A . announced that a class action lawsuit has been filed on behalf of investorswho purchased the common stock of Penson Worldwide, Inc during the period between February 10, 2011 and August 4, 2011, inclusive (Class Period), seeking to recover damages for violations of federal securities laws. According to the Complaint, during the Class Period Penson concealed from investors that: (a) 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; (b) the Company's assets (Nonaccrual Receivables) were materially overstated and should have been written down; (c) as a result, the Company's reported income and EBITDA (earnings before interest, taxes, depreciation and amortization and stock-based compensation, and excluding certain non-operating expenses) were materially overstated; and (d), the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles.

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The Briscoe Law Firm, PLLC , and the securities litigation firm of Powers Taylor, LLP announced that a class action has been filed against Penson Worldwide, Inc 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 (Class Period).

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Law Offices of Howard G. Smith announced that a class action lawsuit has been filed on behalf of purchasers of the common stock of Penson Worldwide, Inc between February 10, 2011 and August 4, 2011, inclusive (the Class Period), 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. 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 Company’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 Company’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 Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.

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Federman & Sherwood announced that on August 23, 2011, a class action lawsuit was filed in the United States District Court for the Northern District of Texas against Penson Worldwide, Inc The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from February 10, 2011 through August 4, 2011.

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The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Penson Worldwide, Inc . of Class Action Lawsuit and Lead Plaintiff Deadline of October 24, 2011

NEW YORK, NY, Aug 24, 2011 (MARKETWIRE via COMTEX) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas Dallas Division on behalf of purchasers of Penson Worldwide, Inc. ("Penson" or the "Company") /quotes/zigman/97840/quotes/nls/pnsn PNSN -2.83% common stock from February 20, 2011 through August 4, 2011.

For more information, click here: zlk.9nl.com/penson-worldwide .

Prior to and during the Class Period, Penson derived a material part of its revenue and income from interest it received on margin loans to customers for which its customers pledged collateral in return for such loans.

The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding and concealed from investors that, by at least the end of 2010, a) the Company 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; b) the Company's Nonaccrual Receivables were materially overstated and should have been written down at least by the end of 2010; c) as a result, the Company's reported income and EBITDA were materially overstated; and d) the Company's financial statements were not prepared in accordance with generally accepted accounting principles (GAAP).

If you are a member of the class and suffered a loss in Penson stock, you have until October 24, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/penson-worldwide-pnsn.html .

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

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