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News Breaks | | | | December 30, 2012 | | 13:53 EDT |  | CSFS | Cash Store Financial conducting investigation of certain loan acquisitions
Subsequent to September 30, 2012, the company's Audit Committee was made aware of written communications that contained questions about the acquisition of the consumer loan portfolio from third-party lenders in late January 2012 and included allegations regarding the existence of undisclosed related party transactions in connection with the acquisition. In response to this allegation a special committee of the board has retained an independent accounting firm to conduct a special investigation. The investigation has not yet commenced and the findings, if any, are not yet known. The investigation may have an impact on the accounting for the loan acquisition transaction and/or on the accounting for, and disclosure of, any related party transactions; however, the company does not believe that the outcome of the special investigation will impact the current accounting and disclosure in these financial statements. | |
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News For CSFS From The Last 14 Days Check below for free stories on CSFS the last two weeks. |
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| May 17, 2013 | | 09:05 EDT | | CSFS | Cash Store Financial trading halted, pending news
 Subscribe for More Information | | | May 16, 2013 | | 09:09 EDT | | CSFS | Cash Store Financial trading halted, pending news
| | | May 15, 2013 | | 19:48 EDT |  | CSFS | Cash Store Financial reports Q2 EPS (24c), one estimate (9c)
Subscribe for More Information | | | 09:44 EDT | | CSFS | Cash Store Financial says investigation ended, no further restatements needed
Subscribe for More Information | | | 09:26 EDT | | CSFS | Cash Store Financial trading halted, pending news
| | | May 14, 2013 | | 12:00 EDT |  | CSFS | Cash Store Financial falls 6.8%
Subscribe for More Information | | | 06:18 EDT | | CSFS | Cash Store Financial to restate issued consolidated financial statements
The Cash Store Financial Services announced that it will restate the previously issued consolidated financial statements for the years ended September 30, 2012; September 30, 2011 and the fifteen month period ended September 30, 2010. The Company will also restate the December 31, 2011; March 31, 2012; June 30, 2012 and December 31, 2012 unaudited interim consolidated financial statements. The correction of the error effective from September 30, 2010 will result in the maximum exposure of $18.8M being expensed. The maximum amount of the potential liability was first disclosed in the notes to the financial statements in March 2010, and disclosed thereafter in the annual and quarterly financial statements. The maximum potential exposure consists of approximately $6.2M in cash, which was paid to the Settlement Administrator in 2011, approximately $6.2M in credit vouchers, and $6.4M in legal fees, which was paid to the plaintiff's counsel in 2010. After cash and credit vouchers have been disbursed by the Settlement Administrator, the remaining accrual for unclaimed credit vouchers as of March 31, 2013 is approximately $5.3M. | | | May 9, 2013 | | 05:24 EDT | | CSFS | Cash Store Financial reports Q2 revenue C$46.7M vs. C$42.1M last year
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