Month: March 2020

Posted on

Release: SHAREHOLDER ALERT Pomerantz Law Firm Investigates Claims On Behalf of Investors of XP, Inc. – XP

Release

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of XP, Inc. – XP

30 March 2020

In December 2019, XP conducted its initial public offering (“IPO”), offering 72,510,641 shares of common stock priced at $27.00 per share. Then, on March 6, 2020, The Winkler Group published a short report questioning the accuracy of XP’s financial statements. Among other allegations, the report alleges significant discrepancies between XP’s internal audits and the financial statements that XP provided investors in its IPO prospectus. The report also alleges that “XP fired its auditor after the auditor found material weaknesses in its financial reporting[.]”

Read full release.

Posted on

Article: Regulators across Europe clash over bans on short selling

Article - Media

Regulators across Europe clash over bans on short selling

Philip Stafford, Laurence Fletcher, Robert Smith

Financial Times, 30 March 2020

France, Spain and Italy issued one-day prohibitions against betting on falling share prices for selected companies — and then longer bans of between one and three months, applied to all stocks listed on their domestic markets. Belgium, Austria and Greece swiftly followed suit, while Esma, the pan-European regulator, demanded tighter standards on reporting of short positions. Markus Ferber, an influential European MEP, urged a co-ordinated ban across the continent. But the clampdown has been partial.

Paywall Access to Article.

Posted on

Article: The Tide Is Going Out and JPMorgan, Deutsche Bank and AIG Appear to Be Swimming (Read Trading) Naked

Article - Media

The Tide Is Going Out and JPMorgan, Deutsche Bank and AIG Appear to Be Swimming (Read Trading) Naked

Pam Martens, Russ Martens

Wall Street on Parade, 29 March 2020

Warren Buffet is credited with the quote: “Only when the tide goes out do you discover who’s been swimming naked.”

Friday’s closing prices among some of the heavily interconnected mega Wall Street banks and insurance companies known to be counterparties to Wall Street’s derivatives appeared to show who’s swimming naked in the realm of derivatives – naked meaning who has sold derivative protection (gone short the risk) on something that is blowing up.

Read full article.

Posted on

Article: Russia busts card fraud ring that included an infamous hacker

Article - Media, Publications

Russia busts card fraud ring that included an infamous hacker

J. Fingas, 29 March 2020

Russia tends to turn a blind eye to some fraudsters and hackers, but it just clamped down on a particularly large group. Investigators have charged at least 25 people involved in a credit card fraud ring that included a notorious hacker. While Russian authorities didn’t provide a formal list of those caught in the bust, records and security blogger Andrey Sporov have revealed that one of those arrsted was Alexey Stroganov, also known as “Flint.” As a Krebs on Security source said, Stroganov apparently had a stake in “almost every major [card] hack” from the past 10 years, and sent “hundreds of millions of dollars” through the seized cryptocurrency exchange BTC-e. Continue reading “Article: Russia busts card fraud ring that included an infamous hacker”

Posted on

Article: Overstock accelerator plots expansion of farming blockchain

Article - Media, Publications

Overstock accelerator plots expansion of farming blockchain

Frank Cardona, 28 March 2020

Medici Ventures, a blockchain accelerator owned by internet retail company Overstock.com, announced a global expansion of agritech blockchain company GrainChain through a partnership with Symbiont’s enterprise blockchain network. Earlier this month, Medici Ventures announced it had purchased over $5 million in equity from GrainChain as part of an <$8.2 funding round for the project. Continue reading “Article: Overstock accelerator plots expansion of farming blockchain”

Posted on

Release: INVESTOR ALERT Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf Hanmi Financial Corporation (HAFC) Investors

Release

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf Hanmi Financial Corporation (HAFC) Investors

27 March 2020

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Hanmi Financial Corporation (“Hanmi” or the “Company”) (NASDAQ: HAFC) securities between August 12, 2019 and January 28, 2020, inclusive (the “Class Period”). Hanmi investors have until May 26, 2020 to file a lead plaintiff motion.

Read full release.

Posted on

Article: Domain Registrars Take Action Against Fraudulent COVID-19 Websites

Article - Media, Publications

Domain Registrars Take Action Against Fraudulent COVID-19 Websites

Sarah Coble, 27 March 2020

American domain registration companies are taking steps to combat coronavirus-related fraud. Budget hosting provider Namecheap Inc. has halted automated registration of website names that reference the COVID-19 health crisis. The Los Angeles–based company’s action comes after a surge in fraudulent websites seeking to profit from the pandemic.

Online scams proliferating from the coronavirus outbreak have included fraudulent charity websites, sites selling fake vaccines and cures, and infection-tracking sites that deliver malware. In an email to customers sent on March 26, Namecheap CEO Richard Kirkendall said the company was removing terms such as “coronavirus,” “COVID,” and “vaccine” from the company’s domain availability search tool.
Continue reading “Article: Domain Registrars Take Action Against Fraudulent COVID-19 Websites”

Posted on

Release: INVESTOR ALERT Law Offices of Howard G. Smith Continues Investigation of CIRCOR International, Inc. (CIR) on Behalf of Investors

Release

INVESTOR ALERT: Law Offices of Howard G. Smith Continues Investigation of CIRCOR International, Inc. (CIR) on Behalf of Investors

26 March 2020

Law Offices of Howard G. Smith continues its investigation on behalf of CIRCOR International, Inc. (“CIRCOR” or the “Company”) (NYSE: CIR) investors concerning the Company and its officers’ possible violations of federal securities laws.

Read full release.

Posted on

Article: How phantom shares on Wall Street threaten U.S. companies and investors

Article - Media

How phantom shares on Wall Street threaten U.S. companies and investors

Lucy Komisar

The Komisar Scoop, 26 March 2020

As stocks are in free fall, a scam run by the big banks/broker-dealers for the benefit of themselves and their hedge fund clients threatens to worsen the situation of large and small American companies and investors.

It’s when the bank/broker-dealers buy stocks, pocket the money and fail to deliver to clients the shares they are supposed to settle through the national stock clearing house. In another industry that might be called embezzling.

Read full article.

Posted on

Release: SHAREHOLDER ALERT Pomerantz Law Firm Investigates Claims On Behalf of Investors of LAIX Inc. – LAIX

Release

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of LAIX Inc. – LAIX

25 March 2020

Pomerantz LLP is investigating claims on behalf of investors of LAIX Inc. (“LAIX” or the “Company”) (NASDAQ: LAIX). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether LAIX and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

Read full release.

Posted on

Release: DOUYU ALERT Bragar Eagel & Squire, P.C. Announces That a Securities Class Action Lawsuit Has Been Filed Against DouYu International Holdings Limited and Encourages Investors to Contact the Firm

Release

DOUYU ALERT: Bragar Eagel & Squire, P.C. Announces That a Securities Class Action Lawsuit Has Been Filed Against DouYu International Holdings Limited and Encourages Investors to Contact the Firm

25 March 2020

Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased DouYu International Holdings Limited (NASDAQ: DOYU) securities pursuant and/or traceable to DouYu’s July 16, 2019 initial public offering (the “IPO” or “Offering”). Investors have until May 26, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Read full release.

Posted on

Article: ASIC probes ‘naked’ short selling

Article - Media

ASIC probes ‘naked’ short selling

John Kehoe

Australian Financial Review, 23 March 2020

The securities regulator is looking out for illegal “naked” short selling by stock traders, in response to a rise in the number of investors failing to settle share trades during the recent financial market turbulence.

Naked short selling is illegal, and occurs when a short seller has executed a trade without a securities lending arrangement with a third party.

Companies with notable net short sales of their stock include Galaxy Resources (19 per cent), Syrah Resources (17.5 per cent), Metcash (13 per cent), Inghams Group (12.6 per cent), JB Hi-Fi (9.5 per cent), Costa Group (8.8 per cent), Myer (8.3 per cent), Perpetual (8.2 per cent), Bega Cheese (8 per cent), Bank of Queensland (7.8 per cent), Blackmores (7.8 per cent), Bendigo and Adelaide Bank (7.7 per cent), Webjet (7.7 per cent), Flight Centre (6.5 per cent), Kogan (6.5 per cent), Domino’s Pizza (6.2 per cent), Seek (6.2 per cent) and AMP (6.2 per cent) as of March 17, according to ASIC data.

Read full article.

Posted on

Article: Virus Prompts SEC To Ease Deadlines For Delayed Audit Trail

Article - Media

Virus Prompts SEC To Ease Deadlines For Delayed Audit Trail

Law360.com, 18 March 2020

The U.S. Securities and Exchange Commission is extending a deadline for stock exchanges and other entities to enforce compliance rules involving a market surveillance project known as the “consolidated audit trail,” noting the massive stress on market participants caused by the coronavirus pandemic.

The consolidated audit trail, or CAT, is a massive database that will track real-time trading in the securities market. The project, which has been riddled with delays for years, is intended to help regulators prevent future market shocks like the May 6, 2010, “flash crash,” a brief but deep plunge in which the stock market lost about $1 trillion in wealth before recovering in 36 minutes.

Posted on

Release: Pharmacielo LTD. Class Action Alert Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against PharmaCielo Ltd.

Release

Pharmacielo LTD. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against PharmaCielo Ltd.

18 March 2020

Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of PharmaCielo Ltd. (OTC: PCLOF) between June 21, 2019 and March 2, 2020, inclusive (the “Class Period”).

Read full release.

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?