According to the Complaint, during the period from December 2012 through October 2013 (the “Class Period”), Santander Securities, L.L.C. (SSLLC) solicited the Plaintiffs and other putative Class members (“Class Members”) to purchase over $180 million worth of Puerto Rico Municipal Bonds (PRMBs) and $101 million worth of Puerto Rico Closed End Funds (PRCEFs or CEFs) (collectively “PR securities”).
The Complaint alleges in connection with those solicited purchases or sales, acting with scienter and with the intent to execute the transactions, SSLLC devised as scheme to defraud by which it either instructed its FAs to omit material facts to the purchaser Plaintiffs and putative Class members, or concealed the material facts from its FAs to prevent their disclosure to the purchaser Plaintiffs and putative Class members (“Scheme to Defraud”).
Lead Plaintiffs filed an amended Complaint on November 6, 2017. On April 9, 2018, Lead Plaintiffs filed a second amended Complaint.