Case Page

 

Case Status:    DISMISSED    
On or around 05/09/2016 (Other)

Filing Date: December 13, 2011

According to a complaint filed on December 13, 2011, the defendants violated Federal Securities laws in connection with an allegedly fraudulent real estate scheme.

In 2005 and 2006, the defendants sold two separate properties within resort communities to two named plaintiffs in the action. In each transaction, the defendants were to register and transfer the properties with the respective governments in order to change the properties’ legal status to accommodate condominiums. When soliciting the sale of its securities, the Company released allegedly false and misleading statements to the same affect, that these properties would be condominiums with the purchasers’ agreement. However, the plaintiffs state that this was never the defendants’ intention.

As the Company experienced financial difficulties, the plaintiffs claim that the defendants formed a separate corporation to extend a loan to the struggling Company. When the Company eventually defaulted on that loan, the corporation started by the defendants foreclosed on properties owned by the Company, including the properties sold to the named plaintiffs in 2005 and 2006.

On April 9, 2012, a First Amended Class Action Complaint was filed by the plaintiffs against the defendants.

On January 17, 2013, the Court issued an order transferring fourteen cases to another judge within the same district for review.

On October 16, 2013, United States District Court Central District Of California ordered to strike the electronically filed document(s) for failure to comply with the Court's Local Rules, General Orders, and/or Case Management Order, by not submitting the proposed document as a separate attachment.

On March 7, 2014, the parties reached an agreement to settle the case. The parties consented to Magistrate Judge Patrick J. Walsh for all matters including enforcement of the terms of the settlement.

On March 7, 2014, the parties entered into a settlement. The plaintiffs requested 90 days in which to file the dismissal.

On March 10, 2014, it was ORDERED that the case was dismissed without costs and without prejudice upon good cause shown within 60 days from the filing date of this Order, to re-open the action if settlement is not consummated.

On March 17, 2014, the court's Order Dismissing Action Without Prejudice was vacated.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate 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 #: 11-CV-10284
JUDGE: Hon.Patrick J. Walsh
DATE FILED: 12/13/2011
CLASS PERIOD START: 12/22/2009
CLASS PERIOD END: 12/13/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wilshire Palisades Law Group
    1377 Ocean Avenue Suite A, Wilshire Palisades Law Group, CA 90401-1009
    310-393-4929 310-393-5438 ·
No Document Title Filing Date