Diamond Resorts International, Inc. : Programs as Financial Instruments Securities Litigation
On or around 05/29/2019 (Notice of voluntarily dismissal)
Filing Date: February 09, 2018
Plaintiffs' law firm issued a press release on February 9, 2018, announcing the lawsuit. According to the Complaint, Defendants throughout the Class Period sold "points" affiliated with membership in their U.S. Collection Members Associations and Hawaii Collection Members Association. The Complaint alleges that these "points" were marketed and sold as investment contracts and therefore constitute securities, and the Defendants failed to register these securities with the United States Securities and Exchange Commission ("SEC") in violation of federal securities laws.
On January 25, 2019, the Court issued an Order severing four of the co-Plaintiffs from the suit and moving the venue to the District of Hawaii in conformity with the forum selection clause in the Plaintiff's purchase agreement. This case was voluntarily dismissed on May 29, 2019.
Company & Securities Information
Defendant: Diamond Resorts International, Inc.
Industry: Hotels & Motels
Headquarters: United States
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
Joseph M. Dropp, et al. v. Diamond Resorts International, Inc., et al.