Providing False or Misleading Information
Wells Fargo Reg E Ambiguous Disclosures California Class Action
Wells Fargo & Company and Wells Fargo Bank, NA violate Federal Reserve Regulation E, says the complaint for this class action. What is Reg E? It sets forth requirements that banks must meet before charging customers overdraft fees on one-time debit card or ATM transactions. The complaint alleges that Wells Fargo’s disclosures are ambiguous and Read more
Match Group Fake Love Interest Ads and Securities Prices Class Action
Where do securities and love intersect? In this complaint, which alleges that Match Group, Inc., the dating and matchmaking company, violated the Securities Exchange Act of 1934. The complaint claims the company made false or misleading statements to investors and failed to disclose adverse information, in order to boost the price of its securities. Read more
Conestoga Life Settlements Information to Investors Fraud Class Action
“A life settlement is a transaction in which an insured person sells his or her life insurance policy to a third party,” explains the complaint for this class action. Life settlements are at issue in this case for “fraud, conspiracy, aiding and abetting, civil theft, and breach of fiduciary duty,” against defendants Conestoga Settlement Services, Read more
Secondary Responsibility for Losses in Aequitas Securities Class Action
How is it that a company touted as a stable, secure investment “collapsed in spectacular fashion and was shut down by the Securities and Exchange Commission” (SEC)? Aequitas did so, losing its investors hundreds of millions of dollars. The complaint for this class action alleges that secondary responsibility for the losses belongs to other companies Read more
UDF III Fake Distributions and Investment Fraud Class Action
This class action concerns investment offerings known as United Development Funding (UDF), and specifically UDF III. The complaint alleges that the defendants made false statements about UDF III’s success to induce people to invest or to invest more. It backed up the false statements by distributions—which, according to the complaint, were not in fact earnings Read more
MoneyGram (MGI) Misleading Info on Anti-Fraud Efforts Securities Class Action
As the world has become smaller via electronic transactions, fraud and money laundering have become more of a concern for regulators. The complaint for this securities class action claims that MoneyGram International, Inc. provided false or misleading information to shareholders about its fraud- and money laundering-prevention measures. Read more
Rio Tinto Bribery for Guinea Iron Ore Mining Concessions Securities Class Action
Simandou is a mountain that is rich in minerals, but it is in the interior of Guinea, a West African country that by some accounts is one of the most corrupt places in the world. The complaint for this class action claims that Rio Tinto PLC became anxious when some of its mining rights were Read more
New Oriental Education & Tech University Application Fakery Securities Class Action
A subsidiary of the New Oriental Education & Technology Group, Inc. helps students in the People’s Republic of China apply to foreign universities. But according to the complaint for this class action, this subsidiary actually writes application materials and handles the whole application process, sometimes fabricating information. This is fraud, the complaint claims, and not Read more
Colony NorthStar Did Not Disclose Adverse Information Securities Class Action
Colony NorthStar, Inc. is a real estate and investment management company that operates in five segments. The complaint for this class action alleges that the company did not disclose in a timely way adverse information, about the company’s Healthcare and Investment Managements segments, including some units related to its merger, in violation of the Securities Read more
Ericsson Overstated Revenues and Delayed Expenses Securities Class Action
Telefonaktiebolaget LM Ericsson did not prepare its financial statements according to International Financial Reporting Standards (IFRS), claims the complaint for this securities class action. As a result, it says, it overstated service revenues and improperly delayed reporting at least a billion dollars of expenses on long-term service projects, making its public statements false and misleading Read more