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Payday Lender Curo Group Can’t Derail Securities Class Action

Dec. 4, 2019, 4:44 PM

Curo Group Holdings Corp. failed to shake off a proposed shareholder class action after the District of Kansas found sufficient allegations that the company didn’t disclose facts that were bound to impact its financial performance.

The shareholders allege that the payday lender concealed its transition to open-end loans in Canada, which allegedly would yield a lower profit than “single-pay” loans that require principal and interest be paid on a fixed date. Curo operates more than 400 stores across the U.S. and Canada under names including Speedy Cash, Rapid Cash, CashMoney, and LendDirect.

The complaint asserts that the omissions made the ...