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Case Status:    SETTLED
On or around 08/04/2015 (Ongoing date of last review)

Filing Date: March 22, 2011

According to the press release dated March 25, 2011, the lawsuit alleges violations of the federal securities laws and breaches of fiduciary duty against Stillwater Capital Partners, Gerova Financial Group and certain of their current and former officers and directors for failing to disclose material adverse facts, including related party transactions, in connection with the Share Exchange, resulting in substantial losses for Stillwater Funds' investors.

According to the Transfer Order from the Judicial Panel on Multidistrict Litigation dated October 7, 2011, five actions in the Eastern District of New York and the Southern District of New York were transferred under a single coordinated action in the Southern District of New York, In Re: Gerova Financial Group, Ltd., Securities Litigation, case number 11-md-02275-SAS.

An Amended Class Action Complaint was filed on October 26, 2011. The defendants responded by filing two motions to dismiss on December 7, 2011.

On March 6, 2012, the Court issued an Order granting in part and denying in part defendants' motions to dismiss all state law claims.

On April 3, 2012, the Court issued an Order pertaining to related case 1:11-cv-07107-SAS. The Court granted in part and denied in part defendants' motions to dismiss. From plaintiffs' amended complaint, Counts I, IV, and VII were dismissed and Counts II, III, V, and VI survived defendants' motions to dismiss.

On April 23, 2012, the Court issued an Order pertaining to related case 1:11-cv-03081-SAS. The Court granted in part and denied in part defendants' motions to dismiss. From plaintiffs' amended complaint, Counts I and II as they relate to a certain individual defendant, Count III, and Count IV are dismissed. All other counts remain.

On February 4, 2014, the parties entered into a Stipulation and Agreement of Settlement. This Settlement was preliminarily approved by the Court on February 5, 2014.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Life)
Headquarters: Bermuda

SECURITIES INFORMATION:

Ticker Symbol: GFC
Company Market: New York SE
Market Status: Public (Listed)

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 #: 11-CV-01385
JUDGE: Hon. Carol Bagley Amon
DATE FILED: 03/22/2011
CLASS PERIOD START: 12/23/2009
CLASS PERIOD END: 01/20/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-MD-02275
JUDGE: Hon. Carol Bagley Amon
DATE FILED: 10/26/2011
CLASS PERIOD START: 01/08/2010
CLASS PERIOD END: 02/23/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Wohl & Fruchter LLP
    570 Lexington Avenue, 16th Floor, Wohl & Fruchter LLP, NY 10022
    212.758.4000 212.758.4000 ·
No Document Title Filing Date