Inadequate internal system/oversight
Two men, Joel Barry Gillis and Edward W. Wishner, are now in prison for running NASI, a company that operated a Ponzi scheme purporting to sell ATMs to investors in return for “rentals” from ATM fees. How did they get away with it for fifteen long years? According to the complaint for this class action, they were aided and abetted by a bank Senior Vice-President who used his position as well as the bank’s credibility and resources on their behalf in exchange for profiting from the scheme. Fitzwilliam performed many services to help keep NASI in business, according to the complaint, such as granting it immediate loans to cover shortfalls to make lulling payments to investors; writing promotional letters vouching for NASI as its banker; and talking to investors who were beginning to get suspicious and assuring them that NASI was legitimate. Since all of these supportive actions were undertaken in the regular scope of his employment at CNB, the complaint claims, the bank is liable for his actions.
According to the complaint, Deep Root collected PII on nearly 200 million Americans, including their names, addresses, e-mail addresses, dates of birth, browsing history, and voter ID numbers. The information allegedly included sensitive information analyzing where voters stood on controversial issues such as gun control and abortion, as well as information the RNC had had collected by other data analytics contractors from the 2008 and 2012 elections.
This shareholder derivative lawsuit was filed for the benefit of Xerox Corporation against certain members of the company's Board of Directors who are accused of breaching their fiduciary duties to shareholders by failing to provide appropriate oversight and internal controls relating specifically to Xerox's acquisition of Affiliated Computer Services, Inc. and the resulting SEC investigation surrounding some of that firm's accounting practices.
This class action lawsuit is brought against USA Technologies alleging failure to disclose (1) significant deficiencies in both the design and operating effectiveness of the company’s internal control over financial reporting; and (2) as a result of these deficiencies, USA Technologies’ procedures failed to identify a large number of uncollectible small balance accounts.
This shareholder derivative lawsuit alleges that Advanced Micro Devices (AMD) and its board of directors breached fiduciary duties by failing to implement internal and corporate controls necessary to ensure dissemination of accurate information to shareholders and the investment community, particularly in connection with the release of the company's Llano product.