Cash Store Financial says investigation ended, no further restatements needed

theflyonthewall.com

The Cash Store Financial Services announced that its Special Committee of independent directors has concluded its previously announced Special Investigation to investigate certain matters related to the acquisition of a consumer loan portfolio from third-party lenders in late January 2012, including allegations raised regarding inappropriate benefits that were alleged to have accrued to certain parties related to the company and the related accounting treatment. The Special Committee has reported its findings on the allegations to the Board of Directors and, consistent with the recommendation made to the Board of Directors by the Special Committee, the Board has determined that no further corrections or restatements of previously reported financial statements and other public disclosures are required in relation to the Transaction. The company noted that n May 13 it announced that it will file amended financial statements to correct its accrual for the British Columbia class action settlement costs. "This restatement is not related to the matters that were under investigation by the Special Committee," Cash Store stated.

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