Key Developments: Cash Store Financial Services Inc (CSFS.N)
3.28USD
14 May 2013
$0.02 (+0.61%)
$3.26
$3.12
$3.34
$2.98
11,425
4,460
$6.31
$1.66
Latest Key Developments (Source: Significant Developments)
Cash Store Financial Services Inc Does Not Declare Quarterly Dividend
Cash Store Financial Services Inc announced that the Board of Directors has determined not to issue a quarterly dividend in respect of the second quarter of fiscal 2013 for the period ended March 31, 2013. Full Article
Levi & Korsinsky, LLP Launches Investigation into Possible Breaches of Fiduciary Duty by Cash Store Financial Services Inc
Levi & Korsinsky is investigating potential claims on behalf of purchasers of The Cash Store Financial Services Inc (CSFS or the Company) securities concerning possible violations of securities laws. On January 12, 2012, CSFS announced plans to offer $125 million of Senior Secured Notes to raise funds to purchase loan receivables from CSFS's third-party lenders and for general corporate purposes. On December 10, 2012, the Company announced it would restate financial statements for the three and six months ended March 31, 2012, and three and nine months ended June 30, 2012. The Company further disclosed it had inappropriately accounted for $36.8 million of the $116.3 million paid in the 2012 acquisition of a consumer loans portfolio. CSFS also announced that its provision for loan losses on its internally generated loans was understated and that the Company would record additional expenses of $3.3 million and $3.7 million for the three month periods ended March 31, 2012 and June 30, 2012. CSFS later announced the initiation of a special investigation by an independent accounting firm regarding allegations of undisclosed related party transactions in connection with the January 2012 loan portfolio acquisition. Then on April 9, 2012, CSFS received notification that it was no longer in compliance with certain NYSE standards, and would be delisted. Full Article
Zeldes & Haeggquist, LLP Announces Investigation of Cash Store Financial Services Inc
Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm announced that it has commenced an investigation into Cash Store Financial Services Inc to determine whether it has violated the federal securities laws by knowingly or recklessly making materially false and/or misleading public statements concerning the CSFS's business operations and prospects. Full Article
Sutts, Strosberg LLP Announces Investigation of Cash Store Financial Services Inc
Cash Store Financial Services Inc (CSF),announced that it is being investigated by Sutts, Strosberg LLP, a law firm represents investors in securities class actions. The firm is investigating the circumstances surrounding CSF's announcement that it was restating the previously issued interim financial statements ended March 31, 2012 and June 30, 2012. On December 10, 2012, CSF disclosed that of the fair value for the acquisition of consumer loans receivable it previously determined, approximately $36.8 million actually represented a premium paid on acquisition. After this announcement, CSF's shares declined by 20%. Full Article
Cash Store Financial Services Inc Does Not Declare Quarterly Dividend
Cash Store Financial Services Inc announced that the Board of Directors had determined not to issue a quarterly dividend in respect of the fourth quarter of fiscal 2012, the period ended September 30, 2012 . A determination whether or not to issue dividends will be reviewed on a quarterly basis. Full Article
Cash Store Financial Services Inc Issues Q4 2012 Revenue Guidance Above Analysts' Estimates; Issues Q4 2012 EBITDA Guidance
Cash Store Financial Services Inc announced that for the fourth quarter of 2012, revenue is expected to have been in the range of $50.0-$50.8 million, adjusted EBITDA is estimated to be in the range of $10.5 million to $11.2 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $49.1 million for the fourth quarter of 2012 . Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Cash Store Financial Services Inc
Bronstein, Gewirtz & Grossman,LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Cash Store Financial Services Inc ("Cash Store" or the "Company") concerning potential violations of federal securities laws. On December 10, 2012, shares of the Cash Store fell 85 cents or 19% to close at $3.42 after announcing that it will restate financial statements for the three and six months ended March 31, 2012 and three and nine months ended June 30, 2012. Full Article
Cash Store Financial Services Inc Announces Dividend
Cash Store Financial Services Inc announced that the Company will pay a dividend of $0.06 on September 7, 2012 to shareholders of record on August 24, 2012. Full Article
The Cash Store Financial Services Inc. Appoints New Chief Financial Officer
The Cash Store Financial Services Inc. announced the appointment of Craig Warnock as Chief Financial Officer. The appointment is effective July 1, 2012. The Company also announced the resignation of current Chief Financial Officer Nancy Bland, who is leaving the Company to pursue an opportunity as an entrepreneur in a family-owned enterprise. To ensure a smooth transition, Ms. Bland has agreed to provide assistance to Mr. Warnock throughout the integration process. Full Article
The Cash Store Financial Services Inc. Declares Quarterly Dividend
The Cash Store Financial Services Inc. declared a quarterly dividend of CAD0.06 per common share. As a result of restructuring costs and expansion capital needs the Board felt it was prudent to reduce the dividend for this quarter. The dividend is payable on June 7, 2012, to shareholders of record on May 24, 2012. Full Article
TEXT - S&P cuts Cash Store Financial Inc rating
Overview -- The Cash Store Financial Services Inc. reported weaker-than-expected earnings and slower-than-expected growth during fiscal 2012. -- The company identified material weaknesses in internal controls during fiscal 2012, which resulted in restatements to the company's second- and third-quarter fiscal earnings. -- As a result, we are lowering our issuer credit and senior secured notes issue ratings to 'B-' from 'B'. -- Our negative outlook is based on uncertainty w
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