Robbins Umeda LLP Announces an Investigation of Penson Worldwide, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Penson Worldwide, Inc. (NASDAQ: PNSN).
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Penson Worldwide harmed the company and investors by issuing improper statements about the condition and future business prospects of the company. Beginning on February 10, 2011, Penson Worldwide’s fiduciaries allegedly misled investors by failing to acknowledge that tens of millions of dollars worth of the company’s nonaccrual receivables were collateralized by illiquid securities and therefore unlikely to be collected.
On August 4, 2011, Penson Worldwide announced that it had recorded a “non-cash write down” of $43 million against $96.6 million of nonaccrual receivables. On this news, shares of the company’s stock lost over 19% of their value to close on August 5, 2011, at just $2.12 per share. Since the disclosure of these facts, shares of Penson Worldwide have continued to decline in value to close at just $2.04 on August 31, 2011.
Interested shareholders and purchasers of Penson Worldwide stock have several potential options available to them. If you invested in Penson Worldwide and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.