World News: 22:23 GMT Thursday 6th December 2018. [Levi & Korsinsky, LLP via Globe Newswire via SPi World News]
NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
or contact Joseph E. Levi, Esq. either via email at or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
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.
On October 24, 2018, the Company announced disappointing financial results for the third quarter of 2018 and substantially reduced its guidance for full-year fiscal 2018. Upon this news, CURO stock fell from $22.87 on October 24, 2018 to $15.18 on October 25, 2018.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:Levi & Korsinsky, LLPJoseph E. Levi, Esq.55 Broadway, 10th FloorNew York, NY 10006Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171
Globe Newswire: 22:23 GMT Thursday 6th December 2018
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