Author Archive: Betty Taylor

SHAREHOLDER ALERT:  Pomerantz Law Firm Announces the Filing of a Class Action against Eaton Corporation plc and Certain Officers – ETN

NEW YORK, Aug. 11, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Eaton Corporation plc (“Eaton” or the “Company”) (NYSE:ETN) and certain of its officers.  The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-06393, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Eaton securities between November 13, 2013 and July 28, 2014 inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased Eaton securities during the Class Period, you have until September 23, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Eaton is an Ireland-based manufacturer of engineered products marketed to customers in the industrial, agricultural, construction, aerospace, and vehicle markets. The Company’s products include hydraulic equipment, fluid connectors, electrical distribution equipment, and engine components.

For most of its 100-year history, Eaton was primarily a vehicle-component manufacturer. Since 2008, however, the Company has been making strategic shifts away from its vehicle business, while growing its electrical component businesses. Investors in Eaton expected the Company to further this strategic realignment and increase corporate value by spinning off at least part of its vehicle component manufacturing business.

In 2012, the Company engaged in a merger (the “Merger”) with Irish-headquartered Cooper Industries plc (“Cooper”), which reincorporated the Company in Ireland.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: in response to questions regarding the effect of the Merger on the Company’s ability to spin-off its businesses, Eaton executives falsely assured investors and the market of the continued feasibility of divesting the Company’s automobile-part manufacturing business on a tax-free basis. This prospect was key to investors’ and analysts’ ability to value the Company. As a result, Eaton and its executives artificially inflated the price of Eaton stock.

On July 29, 2014, Eaton Chief Executive Officer Alexander M. Cutler, after years of misleading the market regarding its unfettered ability to undertake a tax-free spin-off, finally informed investors that, contrary to the Company’s prior assurances, Eaton could not, in fact, feasibly divest its vehicle business until late 2017 due to tax-law restrictions related to the Merger with Cooper. Defendant Cutler further revealed that the Company had been “well aware” of these restrictions “all along.”

On this news, the price of Eaton shares dropped from $76.75 per share to $70.51 per share, or 8.13%, erasing nearly $3 billion from the Company’s market capitalization.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

/EIN News/ —

CONTACT:
                    
                    Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com

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2017 Global Rate Report – Hourly Rate of the World’s largest Law Firms

/EIN News/ — Dublin, Aug. 05, 2016 (GLOBE NEWSWIRE) — Research and Markets has announced the addition of the “2017 Global Rate Report” report to their offering.

The Valeo 2017 Global Rate Report details the hourly rate of the World’s largest Law Firms in Asia (China, Japan and India), Latin America, Canada, the UK and the European Union. Legal Services is truly a global business with the United States as the largest legal services market, followed closely behind by the EU and then Asia.

Over 75 countries’ law firms’ rates are represented in the Report, making it the most comprehensive and diverse ever.

Law Firms follow economic growth and opportunity geographically and the more sophisticated the economy in terms of Technology, Science and Intellectual Property, the greater the return on investment for Law Firms. Global Legal Services is dictated by complex commercial litigation and transactions and not by the more commoditized-type legal work found in local markets, according to the Report.

Key Topics Covered:

1) Rates by Individual Firms

2) Rates by Practice Area

3) Rates by Industry

4) Rates by City

5) Large Company Representation & Rates by Law Firms

6) Summary Relative Rate Rankings

Companies Mentioned

– Addleshaw Goddard LLP
– ADVISES Partnerschaft von Rechtsanwälten, Wirtschaftsprüfern und Steuerberatern
– AgFeed USA
– Akin Gump Strauss Hauer & Feld LLP
– ALCO Stores
– Alex Spizz – Trustee
– Allan B. Diamond – Trustee
– Allen Systems Group
– Ambac Financial Group
– AMF Bowling Worldwide
– AMR Corporation
– Appleby Global Group Services Limited
– Arcapita Bank
– Arnold Bloch Leibler
– ASHINC Corporation (f/k/a Allied Systems Holdings)
– Ashurst LLP
– Atari
– ATP Oil and Gas Corporation
– Autoseis
– Aviva Insurance Limited
– Aviva International Insurance Limited
– Awal Bank
– B456 Systems (fka A123 Systems)
– Baker & McKenzie LLP
– Baker Botts LLP
– Barnes Bay Development
– Beacon Power Company
– Bicent Holdings LLC
– Birmingham Coal & Coke Company
– Blockbuster
– Board of Directors Special Committee – ShengdaTech
– Borders Group
– Bozel
– Bracewell LLP
– Bradley D. Sharp – Trustee
– Bredin Prat
– Brown Rudnick LLP
– Bryan Cave LLP
– Bustamante, Escandon & Pareyon
– Cahill Gordon & Reindel LLP
– Canal Corporation
– Capmark Financial Group
– Capsule International Holdings
– Careta Advogados
– Carson Cheng
– Central European Distribution Corporation
– Chadbourne & Parke LLP
– CHL
– Cleary Gottlieb Steen & Hamilton LLP
– Concesionaria Dominicana de Autopistas y Carreteras
– Conexant Systems
– Constar International
– Constar International Holdings
– Contessa Premium Foods
– Cooley LLP
– Corinne Ball – Trustee
– Covington & Burling LLP
– Coyne International Enterprises
– Creel, Garcia-Cuellar, Aiza y Enriquez
– Cuatrecasas, Gonçalves Pereira
– Curtis, Mallet-Prevost, Colt & Mosle LLP
– Dan River Holdings
– Davis Polk & Wardwell LLP
– DBSD North America
– Debevoise & Plimpton LLP
– Debtors – New Stream Secured Capital, Inc.
– Dechert LLP
– Dentons
– DLA Piper
– Eastman Kodak Company
– Emak Worldwide
– Endeavour Operating
– Energy Future Holdings Corporation
– Entelos
– Epping Hermann Fischer Patentanwaltsgesellschaft mbH
– Equity Security Holders Committee – CDC Corporation
– Eric R. Perkins – Trustee
– Event Rentals
– Evergreen Solar
– Eversheds LLP
– Excel Maritime Carriers
– Exide Technologies
– FAH Liquidating
– FairPoint Communications
– Felsberg Advogados
– Ferrero Abogados
– Fisker Automotive Holdings
– Foley & Lardner LLP
– Fred C. Caruso – Trustee
– Freshfields Bruckhaus Deringer
– Fried, Frank, Harris, Shriver & Jacobson LLP
– Furniture Brands International
– Garlock Sealing Technologies
– General Motors
– Geoffrey Varga (Liquidating Trust Monitor) – Palm Beach Finance
– Geoffrey W. Edelsten
– Gibson, Dunn & Crutcher LLP
– Global Aviation Holdings
– Gold & Honey
– Graceway Pharmaceuticals
– Graf & Pitkowitz Rechtsanwälte GmbH
– Great Atlantic & Pacific Tea
– Greenberg Traurig LLP
– GSC Group
– GT Advanced Technologies
– Haim Zadok & Co.
– Hawker Beechcraft
– Haynes and Boone, LLP
– Herbert Smith Freehills
– Hercules Offshore
– Herzog, Fox & Neeman
– Hogan Lovells LLP
– Houthoff Buruma
– Hughes Hubbard & Reed LLP
– Hunton & Williams LLP
– Inverness Distribution Limited
– Irving H. Picard – Trustee
– James L. Garrity, Jr. – Trustee
– James River Coal Company
– James W. Giddens – Trustee
– Joel L. Tabas – Trustee
– Jones Day
– K&L Gates LLP
– KaloBios Pharmaceuticals
– King & Spalding
– Kirkland & Ellis LLP
– KIT digital
– Knobbe Martens
– Kramer Levin Naftalis & Frankel LLP
– LA Dodgers
– Latham & Watkins LLP
– Lehman Brothers Holdings
– LightSquared
– Linklaters
– Locke Lord Edwards
– Longview Power
– Louis J. Freeh – Trustee
– Loyens & Loeff
– LTC Holdings
– Luther Rechtsanwaltsgesellschaft mbH
– Magnetation
– Majestic Star Casino
– Marvin Horne
– Maxcom Telecomunicaciones
– Mayer Brown LLP
– MC Liquidation
– MF Global Holdings
– MIG
– Milbank, Tweed, Hadley & McCloy LLP
– Molycorp
– Monitor Company Group Limited Partnership
– Moray & Agnew
– Morrison & Foerster LLP
– Motors Liquidation
– MPM Silicones
– MSD Performance
– Naartjie Custom Kids
– Nautilus Holdings Limited
– NewPage
– NII Holdings
– No Fear Retail Stores
– Nortel Networks
– Northshore Mainland Services
– Norton Rose Fulbright LLP
– Noteholders Committee – Caesars Entertainment Operating Company
– Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
– Orrick, Herrington & Sutcliffe LLP
– Overseas Shipholding Group
– Pacific Monarch Resorts
– Paragon Offshore
– Partsearch Technologies
– Patriot Coal Corporation
– Paul Hastings LLP
– Paul, Weiss, Rifkind, Wharton & Garrison LLP
– Peregrine Financial Group
– Perkins & Marie Callender’s
– Petters Company
– Pinnacle Airlines
– PMI Group
– Proskauer Rose LLP
– Qimonda Richmond
– Quinn Emanuel Urquhart & Sullivan, LLP
– Radioshack Corporation
– RDA Holding
– Reed Smith LLP
– Residential Capital
– Retired Employees Committee – AMR Corporation
– Revel AC
– RHI Entertainment
– Rolim, Viotti & Leite Campos Advogados
– Ropes & Gray LLP
– Royal & Sun Alliance Insurance
– Rubio Villegas & Asociados
– Samsung Electronics
– Santamarina y Steta, S.C.
– Satelites Mexicanos
– Sbarro
– Schellenberg Wittmer
– Schiltz & Schiltz
– Securities Investor Protection
– Sedgwick LLP
– Shearman & Sterling LLP
– ShengdaTech
– Sheppard, Mullin, Richter & Hampton LLP
– Sidley Austin LLP
– Siliken Manufacturing USA
– Simpson Thacher & Bartlett LLP
– Skadden, Arps, Slate, Meagher & Flom LLP
– Slaughter and May
– Snell & Wilmer LLP
– Solar Trust of America
– Sonja Tremont-Morgan
– SP Newsprint Holdings
– Squire Patton Boggs
– SRC Liquidation Company
– Statutory Creditors Committee – MF Global Holdings
– Statutory Creditors Committee – SIGA Technologies
– Stribog (subsidiary of Composite Technology Corporation)
– Sullivan & Cromwell LLP
– SunEdison
– Taylor-Wharton International
– TBS Shipping Services
– Thierhoff Muller & Partner
– Thompson & Knight LLP
– THQ
– TMT Procurement
– TPO Hess Holdings
– Tribune Company
– Trident Microsystems
– Troutman Sanders LLP
– Tuscany International Holdings (U.S.A.)
– Universal Cooperatives
– Velo Holdings
– Visa
– Washington Mutual
– Waste2Energy Holdings
– Wayne P. Weitz – Trustee
– Weil, Gotshal & Manges LLP
– White & Case LLP
– William and Cathleen Duerig
– Willkie Farr & Gallagher LLP
– Wilmer Cutler Pickering Hale and Dorr LLP
– Womble Carlyle Sandridge & Rice PLLC
– WP Steel Venture
– XL Insurance Company Limited
– Xtreme Power
– ZCO Liquidating Corporation
– Zurich Insurance
– TMT Procurement
– TPO Hess Holdings
– Tribune Company
– Trident Microsystems
– Troutman Sanders LLP
– Tuscany International Holdings (U.S.A.)
– Universal Cooperatives
– Velo Holdings
– Visa
– Washington Mutual
– Waste2Energy Holdings
– Wayne P. Weitz – Trustee
– Weil, Gotshal & Manges LLP
– White & Case LLP
– William and Cathleen Duerig
– Willkie Farr & Gallagher LLP
– Wilmer Cutler Pickering Hale and Dorr LLP
– Womble Carlyle Sandridge & Rice PLLC
– WP Steel Venture
– XL Insurance Company Limited
– Xtreme Power
– ZCO Liquidating Corporation
– Zurich Insurance

For more information visit http://www.researchandmarkets.com/research/hs9m22/2017_global_rate

                    
                    
                    CONTACT: Research and Markets
                             Laura Wood, Senior Manager
                             press@researchandmarkets.com
                    
                             For E.S.T Office Hours Call 1-917-300-0470
                             For U.S./CAN Toll Free Call 1-800-526-8630
                             For GMT Office Hours Call +353-1-416-8900
                    
                             U.S. Fax: 646-607-1907
                             Fax (outside U.S.): +353-1-481-1716
                    
                             Sector: Legal
                    

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Vault’s 2017 Best 25 Law Firms to Work For Ranks Thompson & Knight Among Top Six Firms

/EINPresswire.com/ — DALLAS, TX–(Marketwired – July 14, 2016) – The law firm of Thompson & Knight LLP ranks sixth among the top 25 law firms in Vault’s 2017 Best Law Firms to Work For. Thompson & Knight is the only Texas-based law firm listed and one of only two firms to rank as the top firm in three Quality of Life Categories – Substantive Work, Career Outlook, and Informal Training, Mentoring & Sponsorship.

“We are committed to the long-term development of our Associates and to providing a collegial environment in which each individual can flourish and participate in the growth of our practice and support of our diverse client base,” said Mark M. Sloan, Thompson & Knight’s Managing Partner. “We are honored to be the only Texas-based law firm on the list.”

Thompson & Knight is ranked as the top firm in the Substantive Work category with one Associate telling Vault, “compared to my colleagues at other firms, I have handled a significantly greater amount of substantive work on real cases years before they did.” With regard to Business Outlook, a Thompson & Knight Associate remarked, “T&K is a firm where, if associates do what is asked of them and commit themselves to their clients and the firm, then they can (and are expected to become) partners.” Another Associate noted that the firm “has less attrition than other big firms.” Thompson & Knight also is the top firm in Informal Training, Mentoring & Sponsorship. One Associate said, “The firm goes above and beyond to help young attorneys transition from students to practitioners of law,” while another noted “informal mentoring opportunities are encouraged and promoted.”

The Law Firm Quality of Life Rankings are derived from Vault’s Law Firm Associate Survey, in which more than 18,000 associates rated and commented on various aspects of their work life. This year’s Best 25 Law Firms to Work For rankings were calculated using a formula that weighs associate ratings in a dozen different areas: Overall Satisfaction; Firm Culture; Hours; Substantive Work; Compensation; Business Outlook; Career Outlook; Associate/Partner Relations; Leadership Transparency; Informal and Formal Training; Pro Bono; and Overall Diversity. For more information, please visit Vault’s 2017 The Best Law Firms to Work For.

About Thompson & Knight
Established in 1887, Thompson & Knight is a full-service law firm with more than 300 attorneys. The Firm provides legal solutions to clients and communities around the world and is particularly recognized for its depth of experience and capabilities on behalf of the energy industry. Thompson & Knight has been named “Law Firm of the Year” in Oil & Gas Law in U.S. News-Best Lawyers® “Best Law Firms” for 2011-2013, 2015. For more information, visit www.tklaw.com.

For additional information:
Lauren Gass
Communications Manager
214.969.2599

Fish & Richardson Named One of 24 Most Loved Law Firms by General Counsel; One of 10 Firms GCs Love for Pharma Work

/EINPresswire.com/ — BOSTON, MA — (Marketwired) — 06/30/16 — Fish & Richardson has been named one of the 24 law firms that general counsel “love the most” and one of 10 firms GCs “love for pharma work” according to BTI Consulting Group’s BTI Power Rankings: The Law Firms with the Best Client Relationships. The firms on the 2016 BTI Clientopia® 24 list have “honed their ability to serve clients so well that their relationships with general counsels have entered a sort of utopian existence where they earn glowing recommendations from clients and consistently win work.” As one of the 10 strongest pharma firms in the country, Fish excels at “a special type of attentiveness” that helps these firms “earn the majority of their clients’ work in the field.”

In-house counsel consider these 24 law firms as both their leading primary provider and the first firms they recommend to other legal decision makers. A typical company relies on 42 law firms for their legal needs, but only two firms on average are considered “primary.”

“Clients will invest in the law firms that invest in them,” said BTI President Michael Rynowecer. “The way they measure that is client service and the components of client service, the law firm that really makes your clients’ life easier.”

The BTI rankings analyze the strength of client relationships based solely on objective feedback from the highest-ranking legal decision makers and GCs at the largest companies. According to the report, top legal decision makers are clear, articulate, and decisive when defining what client service means to them. Understanding the client’s business and unique needs comes in at the top of the list. The report notes that clients want law firms to place legal advice into a business context in order to help manage business risk.

“It is an honor and a privilege to be selected for both of these lists,” said Jonathan Singer, who leads Fish’s Life Sciences Litigation Group. “We work hard to earn our clients’ trust, to understand their businesses and risks, and to provide creative, cost-effective solutions to help them succeed. Whether it’s protecting a valuable patent portfolio, obtaining a successful result in a post-grant proceeding, solving a regulatory issue, or winning in court, we bring the highest level of technical, scientific, and legal acumen to bear for our clients. We are a team and we win when our clients win.”

Fish’s Life Sciences Litigation Group was recently heralded for a major victory for client Gilead on June 6, 2016 when the firm got a $200 million jury verdict voided after proving Merck forfeited its right to assert its Hepatitis C drug patents against Gilead because of “unclean hands.”

In May 2016, Fish was named one of the best law firms in the country for developing and delivering alternative fee arrangements (AFAs) in BTI Consulting Group’s annual BTI State of Alternative Fee Arrangements 2016. Fish was one of only 22 firms — and the only IP law firm on the list — that corporate counsel find are the best at making AFAs a successful cost control tool with improved client focus, predictability in budgets, a more streamlined approach to the work, and double-digit savings.

Fish & Richardson is a global patent, intellectual property (IP) litigation, and commercial litigation law firm with more than 400 attorneys and technology specialists across the U.S. and Europe. Fish has been named the #1 patent litigation firm in the U.S. for 13 consecutive years and is one of the busiest post-grant firms, representing more petitioners at the PTAB than any other firm. Fish has been winning cases worth billions in controversy — often by making new law — for the most innovative clients and influential industry leaders since 1878. For more information, visit www.fr.com.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3028906

Contact:
Amy Blumenthal
Blumenthal & Associates
617-879-1511
amyb@blumenthalpr.com

or

Kelly Largey
Fish & Richardson
800-818-5070
largey@fr.com

Local Marketing Tip – How Law Firms Can Get Testimonials from Your Clients

Pomerantz Law Firm Announces the Filing of a Second Class Action against Niantic, Inc., The Pokémon Company, and Nintendo Co. Ltd.

NEW YORK, Aug. 10, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a second class action lawsuit has been filed against Niantic, Inc. (“Niantic”), The Pokémon Company (“Pokémon Co.”), and Nintendo Co. Ltd. (“Nintendo”) (collectively, “Defendants”).  Niantic, a software development company, is the developer and publisher of the Pokémon Go mobile game.  Pokémon Co. is responsible for marketing and licensing the Pokémon franchise.  Nintendo is the publisher of the popular Pokémon video game series and owns a 32% stake in Defendant Pokémon Co.  Each of the three defendants receives a percentage of all revenues generated by the Pokémon Go mobile application.

The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-04556, is on behalf of a class consisting of all persons whose use and enjoyment of their property has been affected by the Pokémon Go mobile game. 

A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number.

Pokémon Go is the latest iteration of the immensely popular Pokémon media franchise, which consists in large part of a series of video games in which players take on the role of “trainers” with the goal of capturing and collecting fantasy creatures called Pokémon.  Released on July 6, 2016 in the United States, Pokémon Go is an “augmented reality” game in which players use their smart phones to “catch” Pokémon in the players’ real-world surroundings by utilizing the GPS, camera, and gyroscope features on users’ mobile devices.  When the game detects, via GPS, that players are in the vicinity of certain real-world locations, the GPS coordinates of which were selected and programmed into the mobile application by Niantic and known to Pokémon Go players as “Pokéstops” and “Pokémon gyms,” the players gain access to potentially vital in-game items, which they can use to catch Pokémon, among other purposes, or gain the opportunity to engage in virtual “battles” with other Pokémon Go players. 

Pokémon Go was an immediate success. As of July 23, 2016, Pokémon Go had been downloaded more than 30 million times and had earned more than $35 million in revenue. 

However, within days of the game’s release, it became clear that a number of the GPS coordinates that Niantic had designated as Pokéstops and Pokémon gyms were, in fact, on or directly adjacent to private property, and that Niantic had placed these Pokéstops and Pokémon gyms without the consent of the properties’ owners.  As a direct result of Defendants’ actions, Pokémon Go players have trespassed on Plaintiffs’ property, blocked Plaintiffs’ driveway, and even directly threatened Plaintiffs when asked to leave.  The intentional, unauthorized placement of Pokéstops and Pokémon gyms on or near the property of Plaintiffs and other members of the proposed class constitutes a continuing invasion of the class members’ use and enjoyment of their properties, committed by Niantic on an ongoing basis for Defendants’ profit. 

“Defendants recklessly developed and marketed a product without properly considering its impact on private homeowners, depriving them of their right to enjoy their property without nuisance.  The Pokémon Company, Nintendo, and Niantic failed to realize that their virtual game has very real-world consequences,” said Jeremy A. Lieberman, attorney for the plaintiffs.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

/EIN News/ —

CONTACT:
                    Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com

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There were
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BUSINESS DEVELOPMENT COMPANY (BDC) INVESTOR ALERT: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Opens Investigation into Potential Brokerage Firm Violations Related to Sale of Non-Traded Business Development Companies in Response to…

NEW YORK, Aug. 10, 2016 (GLOBE NEWSWIRE) — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, has opened an investigation into potential brokerage firm violations related to sale of non-traded Business Development Companies (“BDCs”) in response to the Financial Industry Regulatory Authority (FINRA) Targeted Examination Letter sent to member brokerage firms. 

The scope of FINRA’s examination includes all information and documents related to non-traded BDCs, including due diligence procedures, for the period from January 1, 2015 through June 30, 2016.  Earlier this year, FINRA published its annual Regulatory and Examination Priorities Letter to highlight risks that, “could adversely affect investors and market integrity in 2016”.  FINRA noted the growing number of BDCs sold to retail investors, “exposed them to high commissions and fees, illiquidity risks and uncertainty regarding the time-period BDCs will hold funds before they are invested.” 

According to securities attorney Lawrence L. Klayman, “Our investigation is focused on whether brokerage firms provided inaccurate and misleading information to investors in order to sell BDCs that were not suitable investments.  We are also investigating whether these brokerage firms failed to supervise their brokers in conjunction with the disclosures being made to their clients.” 

Mr. Klayman further explained, “Non-traded BDC investments have risks and costs which make them unsuitable for many investors.”  K&T’s investigation is related to investments in non-traded BDCs, including:

  • Franklin Square Energy and Power Fund;
  • HMS Income Fund;
  • Nextpoint Capital Fund;
  • Carey Credit Income Fund;
  • CNL Corporate Capital Trust; and
  • Sierra Income Corporation.

/EIN News/ — According to FINRA Notice to Members 15-02, brokerage firms are required to provide greater disclosure concerning non-traded BDCs on customer account statements.  In light of these developments, K&T is conducting its investigation to determine whether brokerage firms violated FINRA sales practice rules related to non-traded BDCs, including unsuitable recommendations, misrepresentations and omissions of material facts and failure to supervise.  Investors who purchased BDCs that have information relating to this investigation are encouraged to contact Lawrence Klayman, Esq. or Raymond Gentile, Esq. of Klayman & Toskes at (888) 997-9956, email info@nasd-law.com or visit our website at www.nasd-law.com.

About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.

Destination:http://nasd-law.com/business-development-company-bdc-investor-alert-the-securities-arbitration-law-firm-of-klayman-toskes-p-a-opens-investigation-into-potential-brokerage-firm-violations-related-to-sale-of-non-tra-2/ 

Contacts:
                    Klayman & Toskes, P.A.
                    Lawrence L. Klayman, Esq.
                    Raymond Gentile, Esq.
                    (888)-997-9956
                    info@nasd-law.com 
                    www.nasd-law.com