Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga
Jonathan Ponciano, 17 February 2021
One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.
“As a licensed securities professional, including the period he was licensed by and associated with MML and MassMutual, Gill was obligated to follow various securities laws, [SEC] rules and regulations and FINRA rules,” the 38-page suit says. The suit specifically references five securities rules, including one that requires licensed securities professionals to observe “high standards of commercial honor and just and equitable principles of trade” while conducting business and another saying that their public communications–on social media included–should “be fair and balanced” and “not omit any material fact or qualification” if the omission could mislead investors.
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NAK DEADLINE TOMORROW: Hagens Berman Alerts Northern Dynasty Minerals (NAK) Investors to Lead Plaintiff Deadline, Encourages Investors with Losses to Contact its Attorneys
Hagens Berman Sobol Shapiro LLP, 01 February 2021
Hagens Berman urges Northern Dynasty Minerals Ltd. (NYSE: NAK) investors to submit their losses now. A securities fraud class action is pending before the U.S. District Court for the Eastern District of New York and certain investors may have valuable claims.
The lawsuit alleges Northern Dynasty and senior executives misled investors about the viability of the company’s proposed Pebble Project, a large mining project in Alaska.
In past quarters, Northern Dynasty repeatedly touted its progress in obtaining the necessary permitting for the Pebble Project. The company and senior management also repeatedly assured investors that the Pebble Project design included a substantially reduced development footprint and meaningful new environmental safeguards and, as a result, would likely receive necessary permits from federal, state and local regulatory agencies.
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NNOX FRAUD ALERT: HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Nano-X Imaging (NNOX) Investors to Contact Its Attorneys: Securities Fraud Case Filed, Hedge Funds Call NNOX “Theranos 2.0” and “Garbage”
GLOBE NEWSWIRE, 23 September 2020/em>
The complaint alleges that throughout the Class Period, Defendants concealed that Nano-X’s: (1) commercial agreements and customers were fabricated; (2) statements regarding its novel Nanox System were misleading; and (3) Nano-X’s submission to the FDA admitted the Nanox System was not original.
Investors allegedly began to learn the truth on Sept. 15, 2020, when Citron Research published a report accusing Nano-X of conducting “the most blatant stock promotion we have seen in years.” Citron challenged Nano-X’s claimed new innovative technology, stating “we have not even seen proof of the product and have only seen a mockup drawing of what this machine is supposed to look like.” Citron also alleged that Nano-X’s commercial agreements “appear to be no more than fake customers.” Continue reading “Article: NNOX FRAUD ALERT: HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Nano-X Imaging (NNOX) Investors to Contact Its Attorneys: Securities Fraud Case Filed, Hedge Funds Call NNOX “Theranos 2.0” and “Garbage””
Geoffrey Steven Berman is an American lawyer serving as the United States Attorney for the Southern District of New York since 2018. He previously served as an Assistant United States Attorney for the Southern District of New York from 1990 to 1994. In January 2018, U.S. Attorney General Jeff Sessions announced Berman’s appointment as interim U.S. Attorney for a statutory period of 120 days. On April 25, 2018, the judges of the Southern District of New York, pursuant to the statute, unanimously appointed Berman U.S. Attorney for an indeterminate term that expires upon the appointment of a Presidential nominee approved by the Senate. Berman earned a Bachelor of Arts in Political Science and a Bachelor of Science in Economics at the University of Pennsylvania in 1981. He then studied law at Stanford University where he obtained a Juris Doctor degree in 1984. During his studies, he was the Note Editor of the Stanford Law Review.
FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation
Jeff Berman, 23 December 2019
The Financial Industry Regulatory Authority, Nasdaq, the New York Stock Exchange and Cboe Global Markets all censured Credit Suisse Securities and fined the firm $6.5 million for supervisory and Securities Exchange Act of 1934/Market Access Rule violations after repeated failures to prevent market manipulation, FINRA said Monday.
Credit Suisse signed a letter of acceptance, waiver and consent on Nov. 18 in which it agreed to the censure and $6.5 million fine, of which $566,583 is to be paid to FINRA for violating multiple rules. FINRA accepted the letter Nov. 19.
A Credit Suisse spokesman on Monday said only that the firm was “pleased to have resolved these matters with FINRA and these exchanges.” Continue reading “Article: FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation”