Case Page

 

Case Status:    SETTLED
On or around 10/05/2016 (Ongoing date of last review)

Filing Date: October 01, 2015

According to the law firm press release, Fifth Street Finance Corp. (“FSC”) is a specialty finance company managed by Fifth Street Asset Management, Inc. (“FSAM”) that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors.

The complaint alleges that during the Class Period, defendants engaged in a fraudulent scheme and course of business designed to artificially inflate FSC’s assets and investment income in order to increase FSAM’s revenue. Specifically, the complaint alleges that, among other things, defendants pushed FSC into increasingly risky, speculative investments at unsustainable leverage levels, delayed writing down impaired investments in order to create the appearance of increasing revenues for FSAM, and systematically overstated the income generated by FSC’s investments and the fair value of its portfolio, while simultaneously providing investors and the market with false and misleading portrayals of FSC’s business trends and expected performance.

Plaintiffs filed a consolidated complaint on April 1, 2016.

On September 23, 2016, the parties filed a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FSC
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.
COURT: S.D. New York
DOCKET #: 15-CV-07759
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 10/01/2015
CLASS PERIOD START: 07/07/2014
CLASS PERIOD END: 02/06/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-07759
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 04/01/2016
CLASS PERIOD START: 07/07/2014
CLASS PERIOD END: 02/06/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date