Case Page

 

Case Status:    DISMISSED    
On or around 04/25/2013 (Other)

Filing Date: June 17, 2011

According to a complaint filed June 17, 2011, Plaintiffs alleg claims under Sections 11, 12, and 15 of the Securities Act of 1933 ("Securities Act") on behalf of all persons or entities who purchased shares of the underlying securities. The complaint alleges that pursuant to solicitations by the sole distributor of the securities contained materially false and misleading statements and omitted to state facts necessary to make the statements made therein not materially misleading.

The allegations of misleading information included statements in the registration statements and prospectuses, where the documents failed to disclose material information concerning the valuation of shares of related securities that were highly material to investors' decisions to invest. Further, these documents failed to disclose that the valuation of the underlying securities did not adhere to rules adopted by FINRA pertaining to such valuations. Further, the Plaintiffs allege that the broker of the securities did not properly disclose the capital structure of the securities, prior decline in value of related securities, and the broker’s lack of due diligence prior to recommending the purchase of the underlying securities.

On December 12, 2011, the Court issued an Order consolidating cases 11-cv-03094 and 11-cv-05546 with the current case. The Court also approved the appointments of lead plaintiffs and lead counsel.

On February 17, 2012, Plaintiffs filed a consolidated class action complaint.

On March 13, 2012, the Court issued an Order consolidating case number 12-cv-00782 with the current case. The Court also approved the appointment of interim class co-counsel.

On April 3, 2013, the Court issued an Order granting the Defendants' motions to dismiss with prejudice. The Clerk of the Court was directed to close this case. On April 12, the plaintiffs gave Notice of their appeal of the above Order.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
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: E.D. New York
DOCKET #: 11-CV-02919
JUDGE: Hon. Kiyo A. Matsumoto
DATE FILED: 06/17/2011
CLASS PERIOD START: 04/25/2008
CLASS PERIOD END: 06/17/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chimicles & Tikellis LLP (Haverford)
    361 West Lancaster Avenue, Chimicles & Tikellis LLP (Haverford), PA 19041
    888.805.7848 610.649.3633 · mail@chimicles.com
  2. Eccleston Law Offices, P.C.
    One North Franklin Street, Suite 2620, Eccleston Law Offices, P.C.
    312-332-0000 312-332-0003 ·
  3. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
  4. Stolmann Law Offices
    10 S. LaSalle, 35th Floor, Stolmann Law Offices, IL 60603
    312-332-4200 ·
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 11-CV-02919
JUDGE: Hon. Kiyo A. Matsumoto
DATE FILED: 02/17/2012
CLASS PERIOD START: 04/25/2008
CLASS PERIOD END: 06/17/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Girard Gibbs LLP (San Francisco)
    601 California Street, Suite 1400, Girard Gibbs LLP (San Francisco), CA 94108
    415.981.4800 415.981.4846 · mail@girardgibbs.com
  2. Zamansky & Associates LLC
    50 Broadway - 32nd Floor, Zamansky & Associates LLC , NY 10004
    212.742.1414 212.742.1177 ·
No Document Title Filing Date