Pelican Eyes Holding Company LLC is purportedly a real estate holding company that owns resorts.

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 17, the Court's order dismissing action without prejudice was vacated. On November 6, the parties stipulated to dismissal of the case following Settlement. The Court issued an order of dismissal after Settlement on November 17.