Cullum & Burks Securities, Inc. is an American investment advisory firm.

According to a press release dated September 23, 2009, the lawsuit asserts claims under Sections 12(a)(1), 12(a)(2) and 15 of the Securities Act of 1933. The Complaint alleges that the Medical Capital Notes should have been registered with the SEC, but were not, and that the private placement memoranda for the Medical Capital Note offerings misrepresented and omitted material facts related to terms of the offerings, the use of the investors’ funds, the track record of various Medical Capital entities, the backgrounds and qualifications of the executives responsible for running the companies, and the overall risks of an investment in the Medical Capital Notes. According to the Complaint, the Defendants violated federal securities laws by offering and selling the unregistered Medical Capital Notes pursuant to materially false and misleading prospectuses.

On December 08, 2009, an order granting motion of the MCcoy Group for consolidation, appointment as lead Plaintiff and approval of Counsel was entered into the court docket.

On January 29, 2010, a consolidated amended class action Complaint was filed by the lead Plaintiffs against the Defendants.

On March 02, 2010, a Motion to Dismiss was granted under Fed. R. Civ. P. 12(b)(6) due to the failure one of the Plaintiffs to set forth with the requisite particularity under Fed. R. Civ. P. 9(b) the allegations of fraud regarding one of the Defendants and due to the failure to state a claim upon which relief can be granted.

On August 11, 2010, an order granting Defendants’ motion to dismiss was issued by the Court without leave to amend for the Section 12(a)(1) claim for the Plaintiffs outlined above and otherwise with leave to amend.

On January 26, 2011, the Court issued a transfer order from the Central District of California to the Northern District of Texas, Dallas Division pursuant 23 to 28 U.S.C. § 1404(a).

On March 7, 2011, the Northern District Court of Texas Dallas issued an order granting the motion to intervene filed by The Bank of New York Mellon, The Bank of New York Mellon Corporation and Wells Fargo Bank, (collectively the “Trustees”), on March 4, 2011.

On March 7, 2011, the Northern District Court of Texas issued an “Order Granting Plaintiff’s Motion for Temporary Restraining Order Extension”.

On March 10, 2011 the Northern District Court of Texas issued an Order Granting Motion to Intervene, filed on March 10, 2011, by the “Douglas County Intervenors”.

On March 10, 2011, the Douglas County Plaintiffs file a Complaint in Intervention to Participate in Fairness Hearings.

On March 10, 2011, the Northern District Court of Texas denied the Armstrong Intervenors' Motion for Reconsideration.

On June 9, 2011, certain Plaintiffs filed a notice to opt-out and pursue independent litigation pursuant to paragraph 13 of the class action settlement.

On August 5, 2011, the Court released an order granting in part and denying in part a Motion to Sever and Consolidate the action after a settlement in a related case.