Case Page

 

Case Status:    ONGOING    
On or around 03/16/2016 (Ongoing date of last review)

Filing Date: May 08, 2014

According to the Complaint, is is alleged that Defendants are management and the top promoters of TelexFree — which operated as a pyramid scheme whereby Defendants sold “memberships” that, when purchased, purportedly permitted purchasers to earn in excess of a 200% return. Class members were not required to sell any of TelexFree’s product, or to perform any actual work, in order to receive this 200% return. Rather, TelexFree and Defendants claimed that Class members would earn their return from the efforts of others, including but not limited to TelexFree. In reality, Class members would receive nothing, and TelexFree and Defendants would profit, to the tune of at least $300 million and potentially as much as $1 billion.

On March 19, 2015, the court appointed lead plaintiffs and approved lead counsel. A consolidated complaint was filed on March 31.

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: D. Massachusetts
DOCKET #: 14-CV-12058
JUDGE: Hon. Mark L. Wolf
DATE FILED: 05/08/2014
CLASS PERIOD START: 01/01/2012
CLASS PERIOD END: 05/08/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Gardy & Notis, LLP
    501 Fifth Avenue, Suite 1408, Gardy & Notis, LLP, NY 10017
    212-905-0509 212-905-0508 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 14-MD-02566
JUDGE: Hon. Mark L. Wolf
DATE FILED: 03/31/2015
CLASS PERIOD START: 01/01/2012
CLASS PERIOD END: 04/16/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bonsignore Trial Lawyers, PLLC
    2513 Morocco Avenue, Bonsignore Trial Lawyers, PLLC, NV 89031
    781-856-7650 ·
No Document Title Filing Date