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Securities

Siacoin Logo

This is another class action about shady business practices related to cryptocurrencies, this time Siacoin and Decred. Most of the complaint covers broken promises about mining equipment, but the legal allegations center on the charge of the sale of unregistered securities. 

Machine Working to Develop Land

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 from UDF III, but money paid for investments in UDF IV and UDF V. Since the securities were never offered for sale on an exchange, certain federal securities laws do not apply. The complaint claims violations of the Texas Securities Act, among other things.

MoneyGram Sign on Building

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. 

CafePress Logo

CafePress, Inc.(NASDAQ: PRSS)has concluded a merger agreement under which it would become a subsidiary of Snapfish, LLC. But the complaint for this class action alleges that the terms of the merger agreement and tender offer are not in the interests of CafePress shareholders. Instead, it says, CafePress’s board of directors has been influenced by terms that will benefit only themselves. 

Sequoia Fund Logo

When investors put their money into funds, they make choices about the kinds of funds they want to invest in—the riskiness of the investments, the size of the companies invested in, the economic sector, the region or country, and so on. The complaint for this class action claims that Sequoia Fund’s investment in a single company ended up violating its own rules about concentration in a single industry and caused the fund eventually to lose about $600 million in value.

Mine on Simandou

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 revoked and given to a competitor and that it paid a very large bribe to ensure that it retained its remaining rights. However, the company continued to claim it did not pay bribes and did business ethically, in violation of the Securities Exchange Act of 1934. 

New Oriental Education & Technology Building

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 disclosing it violates the Securities Exchange Act of 1934 and affects the value of the entire company.

Colony NorthStar Logo

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 Exchange Act of 1934.

Cancer Genetics Logo

The complaint for this securities class action alleges that Cancer Genetics, Inc. failed to properly account for doubtful collections in some of its accounts, recording them as bad debts when they should have been reductions in net revenue. The complaint says that the improper recording amounts to a violation of the Securities Exchange Act of 1934. 

Ericsson Logo

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 under the Securities Exchange Act of 1934. Throughout the class period, as the company reported disappointing results, its stock price fell precipitously.

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