BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased 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.
Investors suffering losses on their CURO investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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, CURO’s 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 Company’s financial performance and 2018 full-year Company guidance. Because CURO’s 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 CURO’s adjusted EBITDA, net revenue and operating earnings.
If you purchased shares of CURO , have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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