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Case Status:    DISMISSED    
On or around 05/18/2010 (Court's order of dismissal)

Filing Date: March 02, 2009

According to a press release dated March 2, 2009, the complaint charges Westgate and certain of its officers and directors, including James M. Nicholson, with violations of Section 10(b) of the Securities Exchange Act of 1934 and various other torts for issuing materially false and inaccurate financial statements and other information to the investing public. For instance, Westgate represented that it managed assets ranging from $600 million to $900 million, that it used prime brokers for custody of fund assets and that its financial statements were audited by independent certified public accountants. However, the complaint alleges that Westgate had no more than $100 million under its management, failed to use independent auditors and failed to place fund assets with custodians.

On February 25, 2009, the SEC filed a complaint against Westgate and Nicholson charging them with operating a large-scale scheme that defrauded hundreds of investors of millions of dollars by providing them with misleading marketing materials that overstated investment returns and by misrepresenting the value of the assets under management.

On May 18, 2010, an Order Of Dismissal Without Prejudice under Federal Rule of Civil Procedure 41 (a)(2) was issued by the Court. The Court granted the defendants’ motion and by this order dismisses this action without prejudice as to all claims and all parties.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States


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: S.D. New York
DOCKET #: 09-CV-01906
JUDGE: Hon. Naomi Reice Buchwald
DATE FILED: 03/02/2009
CLASS PERIOD END: 03/02/2009
  1. Anderson Kill & Olick, P.C. (New York)
    1251 Avenue of the Americas, Anderson Kill & Olick, P.C. (New York), NY 10020
    212.278.1000 212.278.1000 ·
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