Case Page

 

Case Status:    DISMISSED    
On or around 02/28/2011 (Court's order of dismissal)

Filing Date: March 04, 2008

The original class action was commenced on behalf of a Class consisting of all persons who purchased unregistered securities from certain individuals, The Maximum Financial Group, Inc., Questar Capital Corporation or GunnAllen Financial, Inc. (collectively, ``Defendants'') or otherwise acquired the common stock between January 1, 2000 and March 4, 2008 (the ``Class Period''), against Defendants and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 and the Securities Exchange Act of 1933. The complaint charges that Defendants sold unregistered securities to class members in violation of Sections 12(1), 12(2) and 15 of the Securities Exchange Act of 1933, and in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The complaint alleges that, during the Class Period, Defendants sold class members unregistered securities in the form of interests in non-existent limited liability companies (``LLCs'') created by Defendant May and sold by Defendant Bluestein, through The Maximum Financial Group, Inc. and with the assistance of broker-dealer Defendants Questar Capital Corporation and GunnAllen Financial, Inc., in violation of federal securities laws and state laws.

On May 13, 2008, a motion to appoint Ropeta Group as lead plaintiff and to approve the selection of lead counsel was filed. The motion was granted in part, appointing the Ropeta Group as lead plaintiff and approving their choice of lead counsel pending a final decision relating to the certification of the class action. On September 2, 2008, the lead plaintiffs filed an Amended Class Action Complaint. The defendants responded by filing several motions to dismiss the Amended Class Action Complaint. These motions are currently pending before the Court.

On May 3, 2010, Defendant GunnAllen Financial, Inc., filed a Notice of Case Under Chapter 11 of United States Bankruptcy Code and Notice of Automatic Stay. On October 7, 2010, the action was dismissed as to Defendant GunnAllen Financial. On October 8, 2010, Defendant Frank J. Bluestein filed a Notice of Involuntary Bankruptcy. On January 27, 2011, the action was dismissed as to Defendant Frank J. Bluestein pursuant to bankruptcy stay.

On February 28, 2011, District Judge Julian Abele Cook granted the Defendant Questar Capital Corporation's motion to dismiss the action.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Michigan
DOCKET #: 08-CV-10927
JUDGE: Hon. Julian Abele Cook
DATE FILED: 03/04/2008
CLASS PERIOD START: 01/01/2000
CLASS PERIOD END: 12/31/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. J. Thompson & Associates PLC
    2000 Town Center, Suite 1000, J. Thompson & Associates PLC, MI 480975
    248.436.8448 ·
  2. Paul L. Nine & Associates PC
    100 W. Long Lake Road, Suite 102, Paul L. Nine & Associates PC, MI 48304
    248.644.5500 ·
  3. Sommers Schwartz, PC
    2000 Town Center, Suite 900, Sommers Schwartz, PC, MI 480975
    248.355.0300 248.355.0300 ·
  4. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 08-CV-10927
JUDGE: Hon. Julian Abele Cook
DATE FILED: 09/02/2008
CLASS PERIOD START: 01/01/2000
CLASS PERIOD END: 12/31/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. J. Thompson & Associates PLC
    2000 Town Center, Suite 1000, J. Thompson & Associates PLC, MI 480975
    248.436.8448 ·
  2. Paul L. Nine & Associates PC
    100 W. Long Lake Road, Suite 102, Paul L. Nine & Associates PC, MI 48304
    248.644.5500 ·
  3. Sommers Schwartz, PC
    2000 Town Center, Suite 900, Sommers Schwartz, PC, MI 480975
    248.355.0300 248.355.0300 ·
  4. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date