A flurry of law firms late Tuesday said that a class action had been started against clearer Penson Worldwide, over "materially false and misleading statements" about the Dallas firm's financial condition.

All the action centers in the U.S. District Court for the Northern District of Texas, where the law firms seek to recover damages on behalf of shareholders. The law firms making statements about class actions included Kaplan Fox & Kilsheimer in New York and San Francisco and Schneider Wallace Cottrell Brayton Konecky LLP, of Houston.

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