Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Kohlberg Capital Corporation, Announces Class Action Lawsuit And Seeks To Recover Losses
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the securities of Kohlberg Capital Corporation (“Kohlberg” or the “Company”) (Nasdaq:KCAP) between March 16, 2009 and December 24, 2009, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at email@example.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Kohlberg and certain of the Company’s executive officers and/or directors with violations of federal securities laws. Kohlberg is an investment company which originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Kohlberg’s operations and financial performance were materially false and misleading. Specifically, plaintiff alleges the Company reported inflated earnings that violated Generally Accepted Accounting Principles (“GAAP”) by failing to properly account for the fair value of its investment portfolio under FASB Statement of Financial Accounting Standards No. 157 - Fair Value Measurements.
On November 9, 2009, Kohlberg announced its auditor, Deloitte & Touche LLP (“Deloitte”), raised questions concerning the Company’s methodology and process in valuing its loan portfolio under GAAP. As a result of these questions, the Company stated it would not be able to timely file with the SEC its third quarter results for the period ended September 30, 2009. As a result, the Company’s stock price fell $0.56 per share, or more than 10%, to close at $4.96.
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