Skip to content Skip to navigation

Securities

Cemtrex "C" Logo

The complaint for this securities class action sets forth such a variety of allegations of shady behavior against Cemtrex, Inc. that it’s difficult to believe that a company could conceal so much in a single year. The complaint claims that the company’s public statements were false or misleading, or omitted material facts, in violation of the Securities Exchange Act of 1934. Among the complaint’s allegations are that the company is secretly paying to promote itself, that the company’s audits have been fake, and that the company’s associations have been shady characters who are associated with other companies that have been delisted or prosecuted. 

Invuity Ad for Lighting Product

Invuity, Inc. makes medical products, but it seems to have had difficulty making money. The complaint for this securities class action claims that the company made false or misleading statements during the class period, anticipating “exponential” growth while knowing that its prospects were limited. The complaint claims that the company’s statements, not admitting to its problems and limitations, were violations of the Securities Exchange Act of 1934.

Worker in Safety Gear Gazing at Mountains

The bribery of foreign officials is a violation of the US Foreign Corrupt Practices Act (FCPA), but the complaint for this securities class action says that not telling your shareholders about the bribery is a violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint claims that Graña y Montero, SAA knew that its partner in a highway-building project, Brazilian company Odebrecht, had paid bribes in order to win the construction project.

Netflix Logo on SmartPhone

Netflix allows customers to pay a monthly fee to watch streaming content. The monthly fees are its main source of revenue, and it has called subscription growth its “core performance measurement.” So investors were listening very closely to see what the result of a new price rise would be. The complaint for this class action says that the company issued false or misleading statements, artificially inflating the stock’s price.

AmTrust Financial Services Building

The complaint for this class action claims that AmTrust Financial Services, Inc. violated (1) the Securities Act of 1933, for inaccurate materials for its public offerings, and (2) the Securities Exchange Act of 1934, for “a multi-year accounting fraud.” At issue are financial statements for fiscal years 2012, 2013, 2014, 2015, and 2016, which the company has admitted “should no longer be relied upon.” 

Ubiquiti Office Conference Room

Instead of maintaining a sales force, technology company Ubiquiti Networks, Inc. claims to spread “brand awareness” via a “user community” that talks directly to its R&D, marketing, and support departments. According to the complaint, however, both this idea and some of the company’s reported figures show more creativity than truth. The company’s statements about these things, plus its failure to disclose subpoenas filed against it, the complaint says, are violations of the Securities Exchange Act of 1934. 

Slot Machines at Wynn Casinio

Nowadays, ethical behavior includes sexual conduct towards employees of those in powerful positions. The complaint for this securities class action claims that, despite Wynn Resorts touting its ethical code in public statements, employees were subject to pressures and even assaults from CEO Steve Wynn. These misleading statements and omissions, the complaint says, were violations of the Securities Exchange Act of 1934. When news emerged of harassment and assaults of employees by Wynn, and the Massachusetts Gaming Commission opened a review, the stock price fell by more than 18%.

Riot Blockchain Logo

An article quoted in the complaint for this securities class action cited a number of red flags for Riot Blockchain, Inc.: “...insider selling soon after the name change, dilutive issuances on favorable terms to large shareholders, SEC filings that are often Byzantine and … evidence that a major shareholder was getting out while everyone else was getting in.” The complaint claims that the company violated the Securities Exchange Act of 1934 by giving investors false or misleading information. A CNBC article quoted in the complaint provides a complicated and suspicious portrait of the company and of its links to its former major shareholder.

CBI Construction

This securities class action claims that Chicago Bridge & Iron Company violated the Securities Exchange Act of 1934 by denying rather than disclosing the extensive problems with its two nuclear power plant construction projects. According to the complaint, the projects were incurring severe overruns, and CBI had liability for them, but the company denied negative reports. 

Platinum Logo

Investors can seldom determine for themselves the truth of a company’s public statements. They rely on the Securities Exchange Act of 1934 and its requirements of truthful disclosures. The complaint for this securities class action alleges that Platinum Pari-Mutuel Holdings, Inc. violated this law by making false or misleading statements about its acquisitions and the future revenues that could be expected, and cites as evidence the Securities and Exchange Commission (SEC) Order suspending trading in the company’s securities. The company’s press releases are characterized by vagueness about its acquisitions and their products and high praise of their effect on the company.

Pages