Shareholder Class Action
A federal class action claims Cayman Islands-based Cision Ltd. issued a false and misleading proxy statement regarding its $2.7 billion merger with co-defendant Platinum Equity Advisors, for $10 a share.
Read moreSecurities
Securities Fraud
The SEC sued Iconix Brand Group and its former CEO Neil R. Cole and former COO Seth Horowitz, claiming they juggled the books and lied about it to the SEC, in two federal complaints.
Read moreSecurities Fraud
New York State sued Laurence G. Allen, of Connecticut, CEO and director of ACP Investment Group LLC, NYPPEX Holdings LLC, and other companies, claiming he defrauded investors and “looted ACP of more than $13 million,” in New York County Supreme Court.
Read more
Investors Slam Canadian Cannabis Company Over Use of Unlicensed Facility
A cross-border securities class action against Canadian cannabis company HEXO Corp. alleges the company inflated revenue figures, misstated inventory, and grew cannabis in an unlicensed facility leading to hundreds of millions of dollars in market capitalization loss.
Read moreLaw Firms Face $500M Lawsuit in Fallout of Ponzi Fraudster’s Conviction
A slew of law firms face civil claims they aided and abetted a multimillion-dollar securities scam run by convicted fraudster Robert Shapiro through the now-defunct real estate investment firm Woodbridge Group of Cos.
Read moreSecurities Fraud
The SEC claims in federal court that NIT Enterprises and its directors — two of them securities recidivists — defrauded investors of at least $4.9 million.
Read moreBankruptcy Judge Widens PG&E Liability for Wildfires
A federal bankruptcy judge ruled Wednesday that the principle of inverse condemnation applies to investor-owned utilities like Pacific Gas and Electric, meaning the company can be held liable for wildfire damage caused by its equipment even if it was not negligent.
Read moreSecurities Fraud
The SEC sued four former executives of Outcome Health in federal court — CEO Rishi Shah, president Shradha Agarwal, CFO Brad Purdy and executive VP Ashik Desai — claiming they helped raise $487 million through “a simple and pervasive fraud: Outcome was routinely billing clients — and recognizing revenue — for ads it never ran.”
Read morePonzi Scheme
Brett Pittsenbargar, of Austin, Texas, raised $18 million from investors and took at least $1 million in commissions through his MGM Home Remodeling LLC, fka BP Financials LLC, dba BP Financials & Tax Design Group, in the $1.2 billion Woodbridge Ponzi scam, the SEC claims in federal court.
Read more
Alibaba Shares Rise 6.6% in Hong Kong IPO
Chinese e-commerce giant Alibaba’s shares jumped 6.6% in their debut on the Hong Kong stock exchange on Tuesday, an auspicious start as the former British colony is reeling from political unrest.
Read more
Shareholders Say Axogen Overstated Nerve-Product Market
Shares in medical technology company Axogen Inc. have not recovered since the company conducted two secondary initial public offerings knowing that its multibillion-dollar market claims were overstated and unreasonable, a shareholder derivative alleges.
Read more
Class Claims Pipeline Firm Secured Pennsylvania Project Through Bribery
Investors claim in a federal class action that Energy Transfer LP secured permits to conduct a multibillion-dollar pipeline project in Pennsylvania through bribery.
Read moreSecurities Fraud
The SEC claims Conrad A. Coggeshall, 52, of Scottsdale, Ariz., defrauded elderly people of $700,000 through his company, Business Owners Tax Relief, in federal court.
Read moreSecurities Fraud
The SEC accused the International Investment Group LLC of “a string of frauds … to cover up tens of millions of dollars in losses on bad bets and keep its investment advisory business afloat,” in federal court.
Read moreReally Guilty
The Ninth Circuit affirmed denial of habeas corpus to Gino Carlucci, who was sentenced to 5 years and 3 months for stealing “large sums of money” in a Ponzi scheme, as the record conclusively shows that Carlucci is not entitled to relief.
Read moreShareholders Sue Grubhub After Shares Drop by 39%
Online food delivery service Grubhub faces a securities fraud class action after it reported deeply disappointing third quarter financial results, causing its share price to fall by nearly 40%.
Read morePonzi Scheme
The SEC on Tuesday said it obtained a restraining order and asset freeze against Palm Financial Management and Shore Management Systems and their operators, Neil Burkholz of Boca Raton, Fla., and Frank Bianco, of Pembroke Pines, Fla., for an alleged $6 million Ponzi scheme.
Read moreSupreme Court Shuts Its Doors on Martin Shkreli
Martin Shkreli, the former pharmaceutical executive whose price-jacking of an HIV drug drew worldwide outrage, failed on Monday to secure a Supreme Court audience.
Read moreSEC Whistleblowers
The SEC issued $60 million in whistleblower awards in financial year 2019, it says in its annual report to Congress on its Whistleblower Program.
Read moreCommodities Fraud
The CFTC sued Main & Prospect Capital, Daniel Adam Hewko and his father Daniel Hewko in federal court, last known residences in California, claiming they defrauded people of $2.3 million in an alleged, unregistered commodities fund.
Read more