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Shareholder sues GNC for securities fraud

This federal securities class action lawsuit is brought against GNC for releasing false material statements and failing to disclose that: (1) GNC unlawfully sold thousands of units of products in Oregon that contained picamilon; and (2) GNC unlawfully sold thousand of units of products in Oregon that contained BMPEA.  The above statements artificially inflated GNC’s stock price inducing the Plaintiffs to purchase its securities.

This federal securities class action lawsuit is brought against BofI Holdings, Inc., a holding company for BofI Federal Bank, a provider of consumer and business banking products through the Internet in the U.S.  BofI’s most significant business is making mortgages to high-net-worth individuals for the purchase of expensive properties through BofI’s Bank of Internet USA brand.  The complaint alleges that throughout the class period: (i) BofI’s internal controls were frequently disregarded; (ii) Bank of Internet’s borrowers included foreign nationals who should have been off-limits under federal anti-money-laundering laws; (iii) many Bank of Internet accounts lacked required tax identification numbers; and (iv) Bank of Internet fired an internal auditor who raised the foregoing issues to management and to federal regulators.

This federal securities class action lawsuit is brought against Zafgen, Inc., a small pharmaceutical company researching and experimenting on the release of a single product – an anti-obesity drug called beloranib, and its CEO, Thomas E. Hughes.  The complaint alleges that defendants fraudulently withheld material information from investors: (1) heavy insider trading in September 2015 due to the thrombotic adverse effects of beloranib; (2) patient death in an ongoing Phase 3 beloranib study not made public by Zafgen’s management; (3) Zafgen only reported 2 cases of thrombotic events and concealed the existence of additional 4 adverse events in prior clinical studies.

This federal securities class action lawsuit is brought against Extreme Networks, Inc., a company which develops and sells network infrastructure equipment and offers related services contracts for extended warranty and maintenance.  The allegations in the complaint evidence that Extreme’s management released false material statements regarding: (1) Extreme’s integration with Enterasys being complete; (2) Lenovo’s acquisition of IBM’s server being complete; (3) The above integration and acquisition promising to drive double-digit revenue growth by fiscal year 2015.  The above statements artificially inflated Extreme’s stock price inducing the Plaintiffs to purchase its securities.

This federal securities fraud class action lawsuit is brought against Nobilis Health Corp., a company acquiring and managing ambulatory surgery centers and healthcare facilities, for making false and misleading material statements, including the following: (a) Nobilis claimed success rates for its AccuraScope procedure, which lacked recognition from any university, medical body, or insurance company; (b) Nobilis overstated its 2014 revenues by over $36 million and its 2014 revenue growth rate as 161%, when it was actually only 44%. These statements caused Nobilis’s stock to trade at artificially inflated prices which caused financial loss to the Plaintiffs.

This securities fraud class action lawsuit is brought against Valeant Pharmaceuticals International, Inc. for making false material statements: (a) deceived the investing public regarding Valeant’s prospects and business; (b) omitted disclosure of key aspects of the Valeant’s business, specifically its relationship with a network of specialty pharmacies utilized to boost sales of Valeant’s high-priced drugs; (c) Valeant’s undisclosed use of specialty pharmacies left it subject to increased regulatory risks that investors were unable to account for; (d) without use of specialty pharmacies, Valeant’s financial performance and financial guidance would have been negatively impacted.

China Cache Logo

This class action lawsuit alleges ChinaCache made false statements and failing to disclose that (1) the platform migration to High Performance Cloud Cache (HPCC) was not successful.

Vasco Logo

This derivative lawsuit is brought against VASCO Data Security International, Inc. as Nominal Defendant and on behalf of VASCO Data Security International, Inc., derivatively, for making false statements and failing to disclose that (1) VASCO’s products were illegally sold to parties in Iran in violation of federal laws prohibiting such sales; and (2) VASCO lacked adequate internal controls breaching Defendants’ duties of care and loyalty.

Solarcity Board Compensation comes under review

This shareholder derivative lawsuit alleges that the Board of Directors of SolarCity pay themselves too much money.

 

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.

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