Insys Therapeutics Hid Opioid Subsys Sales Decline Securities Class Action

Misstated figures can simply be errors, but the complaint for this class action says that Insys Therapeutics committed fraud by manipulating figures to hide the company’s falling revenues, in violation of Securities Exchange Act of 1934. Why did it feel it needed to do that? Because, the complaint claims, the company had previously engaged in  Read more

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Citizens Schemes to Sell Insurance to Foreigners Securities Class Action

The complaint for this class action alleges that Citizens, Inc. sells insurance policies in foreign countries in order to evade US regulations. It claims that it uses improper growth projections to enroll customers in programs where dividends are used to buy the company’s stock, and sells policies that require payment of US taxes as if  Read more

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Homex Charged by SEC in $3.3 Billion Accounting Fraud Securities Class Action

The Securities and Exchange Commission (SEC) used satellite imagery to find evidence of fraud in the financials of Desarrolladors Homex SAB de CV, or Homex Development Corporation. According to the complaint for this securities class action, Homex reported that it had built a certain number of homes, but satellite photos at many of the locations  Read more

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OvaScience Poor Results for Augment Infertility Treatment Securities Class Action

OvaScience develops fertility treatments using egg precursor cells to improve egg health and in vitro fertilization (IVF). Unfortunately, the complaint for this class action alleges that Ova’s statements about its Augment treatment didn’t just violate the Securities Exchange Act of 1934; it says they were also fraudulent. Ova claimed to be on track to sell  Read more

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Monkey Capital Cryptocurrency Fraud and Unregistered Securities Class Action

At issue in this class action are nearly $4 million worth of investments the plaintiffs believed they were making into a new cryptocurrency from Monkey Capital prior to its initial coin offering (ICO). The investments were made primarily in bitcoins. The complaint contends that cryptocurrencies are actually unregistered securities and asks for relief from Monkey  Read more

Diana Containerships Reverse Split Share Issuance Scheme Securities Class Action

The complaint claims that Palios caused Diana to sell common shares and convertible securities at a significant discount to a company called Kalani Investments, which Kalani then sold on the market. These sales caused the price of Diana’s stock to decline, the complaint claims, after which Diana reverse-split the stock, turning a number of shares  Read more

HSBC Bank Payment of Legal Expenses from Trust Funds Class Action

This is the third in a series of class action suits filed by Royal Park Investments (RPI) based on other current lawsuits. The original lawsuits each allege that a certain bank has failed to fulfill its duties as trustees to RPI funds; these secondary suits allege that the defendant banks have been paying their legal  Read more

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US Bank Payment of Legal Expenses From Trust Funds Class Action

Royal Park Investments (RPI) hired US Bank National Association as trustee for twenty-one of its residential mortgage-backed securities (RMBS) trusts, but apparently was not satisfied with the bank’s performance. It is suing US Bank in a case called Royal Park Inv. SA/NV v. U.S. Bank Nat’l Ass’n, No. 1:14-cv-02590-VM—but it claims to have recently discovered  Read more

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Wells Fargo Unlawful Payment of Expenses from Trust Funds Class Action

This case is built on top of another case. Royal Park Investments (RPI) sued Well Fargo in Royal Park Investments SA/NV v. Wells Fargo Bank, N.A., No. 1:14-cv-09764-KPF-SN (S.D.N.Y.), claiming that Wells Fargo had failed to fulfill its duties as a trustee of two of RPI’s trusts, allegedly damaging RPI and the classes’ certificate holders.  Read more

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Apollo Global Management Fraudulent “Restructuring” Class Action

This class action alleges that Apollo Global Management, LLC orchestrated a fraudulent “restructuring” of CEVA Investments Limited (CIL), in breach of its fiduciary duty, that extinguished the value of shares held by its CEVA-employee investors for the benefit of Apollo. The employee investor plaintiffs believe that their losses in this restructuring amounted to more than  Read more