Case Page

 

Case Status:    SETTLED
On or around 04/11/2011 (Date of order of final judgment)

Filing Date: August 17, 2010

According to the complaint filed August 17, 2010, the Defendants formed sham companies that they controlled, took advantage of the Plaintiff and engaged in an ongoing and continuing fraud. They made false statements and misrepresentations about claimed oil and gas well development, and willfully suppressed material facts necessary to make statements they made not false and misleading.

According to the complaint, the defendants represented: a greater than 50% annual rate of return; a return of capital in 12 to 24 months; better than 10 to 1 potential return on investment; tax benefits of 65-80% right-off in the first year; and 15% of revenue tax free.

On March 4, 2011, the plaintiff filed a motion for default judgment against the defendants. The motion was granted. According to the Judgment by Judge Percy Anderson entered on April 11, 2011, it is hereby ordered, adjudged, and decreed that Defendants are jointly and severally liable to Plaintiff as follows: (1) Defendants shall pay Plaintiff damages in the amount of $1,479,236.40. (2) Defendants shall pay Plaintiff attorneys' fees in the amount of $33,184.73. (3) Plaintiff is entitled to interest on the principal amount of the judgment to Plaintiff at a statutory rate pursuant to 28 U.S.C. Section 1961(a). The case is now terminated.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
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: C.D. California
DOCKET #: 10-CV-06128
JUDGE: Hon. Percy Anderson
DATE FILED: 08/17/2010
CLASS PERIOD START:
CLASS PERIOD END:
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Solomon Ward Seidenwurm & Smith LLP
    401 B Street Suite 1200 , Solomon Ward Seidenwurm & Smith LLP , CA 92101
    619-231-0303 619-231-4755 ·
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