Burford Capital Limited : American Depositary Shares Securities Litigation
On or around 12/30/2019 (Court's order of dismissal)
Filing Date: August 21, 2019
According to the Complaint, Burford is a litigation-financing company, offering services for clients participating in litigation, arbitration, assert recovery, and other legal finance activities.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Burford has been manipulating its metrics, including ROIC and IRR, to create a misleading picture of investment returns to investors; (2) these manipulations hid the fact that the Company is at high risk for a liquidity crunch and is already arguably insolvent; and (3) as a result of the aforementioned misconduct, Defendants’ statements about Burford’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
On November 6, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on November 20. On December 19, Lead Plaintiffs voluntarily dismissed this case.
Company & Securities Information
Defendant: Burford Capital Limited
Industry: Misc. Financial Services
Ticker Symbol: BRFRY
Company Market: OTC-BB
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
Stephen Merz, et al. v. Burford Capital Limited, et al.