Glancy Prongay & Murray LLP (GPM), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired CURO Group Holdings Corp. (CURO or the Company) (NYSE: CURO) securities between July 31, 2018 and October 24, 2018, inclusive (the ”Class Period”). CURO investors have until February 4, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 24, 2018, CURO revealed disappointing financial third quarter 2018 financial results and substantially reduced its guidance for full-year fiscal 2018. On this news, CUROs share price fell $7.69, or nearly 34%, to close at $15.18 per share on October 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the class period Defendants materially misrepresented to investors the deleterious effect that the up-front loan loss provisioning in connection with a transition of its Canadian inventory to Open-Ended loans was having on the Companys financial performance and 2018 full-year Company guidance. Because CUROs Open-End Loans had a materially lower lending yield than the Single-Pay Products, and the portfolio of Open-End Loans was still immature and unseasoned, the up-front loan loss provisioning for these loans was far greater than publicly revealed (and the yield far lower). This caused the Company to materially overstate its 2018 projected financial results, including CUROs adjusted EBITDA, net revenue and operating earnings.
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If you purchased shares of CURO during the Class Period you may move the Court no later than February 4, 2019 to ask the Court to appoint you as lead plaintiff. 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 member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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