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Liquid Holdings Group, Inc.

Case Summary

Liquid Holdings Group, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 05/11/2018 (Ongoing date of last review)

Filing Date: September 21, 2015

According to the law firm press release, Liquid Holdings is a cloud-based technology and managed services provider to the global hedge fund and active trading markets. Liquid's solutions are delivered through the cloud in a SaaS model.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that : (1) that the Company was overstating its ability to generate customers; (2) that the Company’s business model was unsustainable; (3) that the financial condition of the Company’s main and largest customer (an investment entity known as QuantX Management, LLP (“QuantX”)) was deteriorating; (4) that, as a result, the Company’s financial results and operating metrics were overstated; (5) that, as such, the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (6) that the Company lacked adequate internal controls; (7) and that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Liquid Holding’s business, operations, and prospects, were materially false and misleading at all relevant times. Upon disclosure of these issues the Company’s securities declined sharply in value, thereby damaging investors.

Plaintiffs filed an amended complaint on July 22, 2016.

A second amended Complaint was filed on July 27, 2017. A third amended Complaint was filed on May 10, 2018. A corrected third amended Complaint was filed on May 11.

Company & Securities Information

Defendant: Liquid Holdings Group, Inc.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LIQD
Company Market: NASDAQ
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.

First Identified Complaint

Robert De Vito, et al. v. Liquid Holdings Group, Inc., et al.

COURT: D. New Jersey
DOCKET #: 15-CV-06969
JUDGE: Hon. Kevin McNulty
DATE FILED: 09/21/2015
CLASS PERIOD START: 07/26/2013
CLASS PERIOD END: 12/23/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  2. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws and Demand for Jury Trial 09/21/2015
2 U.S. District Court Civil Docket 09/21/2015

Reference Complaint

Michael Sanders, et al. v. Liquid Holdings Group, Inc., et al.

COURT: D. New Jersey
DOCKET #: 15-CV-06969
JUDGE: Hon. Kevin McNulty
DATE FILED: 05/11/2018
CLASS PERIOD START: 07/26/2013
CLASS PERIOD END: 09/24/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violation of the Federal Securities Laws 07/22/2016
2 Second Amended Class Action Complaint for Violation of the Federal Securities Laws 07/27/2017
3 U.S. District Court Civil Docket 05/10/2018
4 Third Amended Class Action Complaint for Violation of the Federal Securities Laws 05/10/2018
5 Corrected Third Amended Class Action Complaint for Violation of the Federal Securities Laws 05/11/2018
 
 

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