On or around 09/26/2013 (Date of last review)
Filing Date: March 23, 2010
According to the complaint filed March 23, 2010, the securities sold by the defendants were offered and promoted under high-pressure sales seminars by so-called investment gurus.
The securities offered by the Defendants were "Property Contracts" which they purported to yield "cash flows" within six months. The complaint alleges the defendants failed to register the securities and made other misrepresentations and omissions in connection with the sale of such securities.
On April 23, 2010, the defendants filed a motion to transfer the case to the U. S. District Court District of Utah. The motion was granted on October 15, 2010. On March 18, 2011, the plaintiff filed a First Amended Complaint. The defendants responded by filing motions to dismiss in September and October 2011.
On April 16, 2012, plaintiffs filed a Second Amended Complaint.
On April 18, 2012, the Court issued an Order granting in part and denying in part defendants' motions to dismiss. Plaintiffs were granted leave to file an Amended Complaint.
On August 5, 2013, the Court issued an Order granting the motion to dismiss certain defendants (including the issuer defendant) pursuant to Rule 41(a)(2). On the same date, the Court also issued an Order staying this case.
Company & Securities Information
Defendant: Freedom Investment Club, Ltd.
Industry: Misc. Financial Services
Ticker Symbol: N/A
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.
First Identified Complaint
Vishal Sharma , et al. v. Freedom Investment Club, Ltd., et al.
COURT: N.D. California
DOCKET #: 10-CV-01172
JUDGE: Hon. James Ware
DATE FILED: 03/23/2010
CLASS PERIOD START: 08/05/2008
CLASS PERIOD END: 09/01/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Narancic & Katzman, PC
First Identified Complaint (FIC) Filings:
Complaint for Damages and Other Relief
Order Granting Utah Defendants' Motion To Transfer Venue To The District Of Utah
U.S. District Court Civil Docket
Vishal Sharma, et al. v. Freedom Investment Club, Ltd., et al.