30 Firms to Pay $900 Million In Investor Suit
New York Times, 25 December 1997
Thirty brokerage firms, including some of the biggest and most trusted names on Wall Street, agreed yesterday to pay about $900 million to end a civil suit contending they schemed with one another for years to fix prices on the Nasdaq stock market.
Lawyers for the plaintiffs in the class-action lawsuit, which represented tens of thousands of investors, called it the biggest settlement ever of a price-fixing lawsuit.
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CANADA’S MANULIFE HIT WITH CLASS-ACTION SUIT
ASSOCIATED PRESS, 21 October 1996
A class-action suit has been launched against Manufacturers Life Insurance Co. over its ”vanishing premium” policies. A multimillion-dollar lawsuit has been filed in Ontario Court General Division on behalf of a group of Manulife’s Ontario policyholders. Lawyer Charles Wright said the judge will be asked to establish the suit as a class action, where the claims and rights of many people with common interests are decided in a single-court proceeding. Toronto-based Manulife is already facing class actions in the United States pertaining to vanishing premium policies.
”There are thousands of people behind this suit,” Mr. Wright said. The suit bears the name of Bernard McKrow, 75, of Windsor, Ontario, who alleges he bought a $100,000 vanishing premium policy in 1986 after being told he would only have to make seven premium payments because money earned on the relatively high premiums would cover payments in the future.
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Cede and Co. is the nominee name for The Depository Trust Company, a large clearing house that holds shares in its name for banks, brokers and institutions in order to expedite the sale and transfer of stock.
Continue reading “Target: Cede and Company”
U.S. v RUSSO
Leagle.com, 11 January 1996
This is an appeal in a stock market manipulation case. Paul Russo, Barbara Hosman, and William Petrokansky appeal from judgments of conviction entered February 28, 1995, by the United States District Court for the Eastern District of New York, Sterling.
Real full filing.
Ex-Shearson Exec To Plead Guilty in Stock-Loan Investigation
Associated Press, 7 September 1989
The expected guilty plea by Dennis T. Palmeri, Shearson’s former executive vice president in charge of stock loans, would be the first action following more than a year of examination by federal prosecutors.
The case also is said to be derived from information from jailed speculator Ivan F. Boesky, a major source of evidence for Wall Street securities investigations since he was ensnared in an insider trading probe in 1986.
Read full article.
N.Y. Grand Jury Probes Stock Loan Practices
Steve Coll and David Vise
Washington Post, 21 July 1989
NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case.
Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations.
Read full article.
The media always has a single teaser so they can say “we told you so” and then they bury the story. Same thing happened with 2008, in October a pro forma alarm was sounded and then the story buried.
See this post for how it works.
Video: Ekso Bionics Killed by Naked Short Sellers – Is HCWainwright Culpable for Front-Running Their Death?
SEC Alleges Manipulation Of IBM Stock
John F. Berry, 25 October 1978
The Securities and Exchange Commission has ordered an adminstrative hearing into the alleged manipulation of the price of the stock of International Business Machines Corp. by several Chicago broke-dealers. In a brief announcement yesterday the SEC alleged that broker-dealers sought to manipulate IBM shares through a series of transactions on the New York Stock Exchange and the Chicago Board Options Exchange.
The SEC named Chicago Financial Partnership, Jameco Investments, Thomas J. Connelly Jr. III, Philip J. Dalman, James M. Chipman, Gail J. Connelly and Michael A. Faberburg, all of the .Chicago area.The SEC, which alleges fraud and manipulation of the market by certain of the Chicagoans, claims the series of questionable transactions took place during the week of July 11, 1977.
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LOOP SECURITIES FRAUD: Hagens Berman, National Trial Attorneys, Encourages Loop Industries (LOOP) Investors to Contact Its Attorneys, Securities Fraud Action Filed, Application Deadline Approaching
GLOBE NEWSWIRE, 30 November 2020
The complaint alleges that Loop made false and misleading statements about its purportedly “proven” technology that breaks down PET plastic to its base chemicals at a recovery rate of 100%. The complaint also alleges that Loop misrepresented its partnerships with key customers.
Specifically, the complaint alleges that Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp.
Continue reading “Article: LOOP SECURITIES FRAUD: Hagens Berman, National Trial Attorneys, Encourages Loop Industries (LOOP) Investors to Contact Its Attorneys, Securities Fraud Action Filed, Application Deadline Approaching”
DoorDash IPO filing shows huge growth and lots of risk
Dara Kerr, Carrie Mihalcik, 14 November 2020
Food delivery service DoorDash on Friday filed paperwork with the US Securities and Exchange Commission for an initial public offering. The S-1 filing, more than 200 pages long, shows that the company reported $1.9 billion in revenue for the nine months that ended Sept. 30, up from $587 million during the same period last year.
The company also reported a net loss of $149 million in the first nine months of this year, which is less than the $533 million net loss it reported during the same time in 2019.
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Bionano Genomics : SEC Filing (424B3) – Supplemental Prospectus
MarketScreener, 20 March 2020
This prospectus covers the offer and resale by Innovatus Life Sciences Lending Fund I, LP, or Innovatus, and Innovatus Life Sciences Offshore Fund I-A, LP, or Innovatus Offshore, of up to an aggregate of 1,141,408 shares of our common stock, which includes 161,987 shares of our common stock issuable upon the exercise of warrants, issued to Innovatus and Innovatus Offshore in private transactions. Innovatus and Innovatus Offshore are also collectively referred to in this prospectus as the selling stockholders.
We are not selling any shares of common stock under this prospectus and will not receive any of the proceeds from the sale by the selling stockholders of such shares. Continue reading “Article: Bionano Genomics : SEC Filing (424B3) – Supplemental Prospectus”
alphaDIRECT Advisors Discusses Ballard Power Systems and Hydrogen and Fuel Cell Solutions for Transportation with Dr. DeWoskin, Senior Advisor to Deloitte
GLOBE NEWSWIRE, 17 March 2020
alphaDIRECT Advisors, an Investor Intelligence firm, announced today that Shawn Severson, Founding Partner, conducted a review of Ballard Power Systems, Inc. (NASDAQ/TSX: BLDP) to discuss the Deloitte China and Ballard Power Systems joint paper “Fueling the Future of Mobility: Hydrogen and Fuel Cell Solutions for Transportation” with Dr. Kennet DeWoskin, Senior Advisor to Deloitte. Continue reading “Article: alphaDIRECT Advisors Discusses Ballard Power Systems and Hydrogen and Fuel Cell Solutions for Transportation with Dr. DeWoskin, Senior Advisor to Deloitte”