STEVENSON, Md., June 5, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Regional Management Corp. ("Regional Management" or the "Company") (NYSE: RM ) common stock pursuant to the Company's public stock offerings on September 20, 2013 at $27.50 per share and on December 5, 2013 at $31 per share (collectively, the "Offerings"), and informs investors who wish to become proactively involved in the litigation that they have until July 29, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Regional Management common stock purchased pursuant to the Company's Offerings, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 29, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in the Registration Statements and Prospectuses issued in connection with the Offerings that the Company failed to adequately reserve for loan losses in light of the Company's deteriorating underwriting standards that were leading to a higher percentage of delinquencies and by virtue of those documents misstating the Company's fourth quarter and fiscal 2012 financials. According to the complaint, as this information came to light, the value of Regional Management shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
