Class Actions – Wites & Rogers https://witeslaw.com Experience Matters! Tue, 24 Feb 2026 21:00:20 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://witeslaw.com/wp-content/uploads/2022/07/cropped-Wites-Rogers-Logo-2-copy-32x32.png Class Actions – Wites & Rogers https://witeslaw.com 32 32 The Deadline To Make A Claim In The Cryptsy Class Action Settlement Has Passed. https://witeslaw.com/deadline-make-claim-cryptsy-class-action-settlement-passed/ https://witeslaw.com/deadline-make-claim-cryptsy-class-action-settlement-passed/#respond Sun, 22 Oct 2017 21:59:10 +0000 https://wklawyers.com/?p=2275 Cryptsy Class Action Settlement Deadline: What You Need to Know The deadline to make a claim in the Cryptsy Class Action Settlement has passed.  The Court has given final approval to the settlement, including the notice and claims administration process.  You can read about the settlement at www.cryptsysettlement.com If you missed the deadline, we may still be able […]

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]]> Cryptsy Class Action Settlement Deadline: What You Need to Know

The deadline to make a claim in the Cryptsy Class Action Settlement has passed.  The Court has given final approval to the settlement, including the notice and claims administration process.  You can read about the settlement at www.cryptsysettlement.com
If you missed the deadline, we may still be able to help you.  Wites & Rogers and Silver Miller are pursuing a class action lawsuit against Coinbase to recover money for Cryptsy account holders.  This lawsuit is pending in federal court in The United States District Court for the Southern District of Florida.  In response to the lawsuit, Coinbase filed a motion to compel arbitration, which is designed to prevent Cryptsy account holders from suing Coinbase in court, and to prevent them from joining together in a class action. The federal court denied Coinbase’s motion to force the case to arbitration, and ruled that because Cryptsy account holders are not parties to any contract with Coinbase that they can pursue  their claims in court.
You need not take any action at this time to be part of the Coinbase class action.  If the Court certifies the case as a class action, Wites & Rogers and Silver Miller will post information on the Internet and make other efforts – which are subject to court approval – to advise Cryptsy account holders about the case.  You can email your information (including your name, email address, physical address and phone number) to info@witeslaw.com, and we will send you updates about the case.

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]]> https://witeslaw.com/deadline-make-claim-cryptsy-class-action-settlement-passed/feed/ 0 Cryptsy Collection Efforts Continue with Court Victories https://witeslaw.com/cryptsy-collection-efforts-continue-court-victories/ https://witeslaw.com/cryptsy-collection-efforts-continue-court-victories/#respond Sat, 03 Jun 2017 14:11:31 +0000 https://wklawyers.com/?p=2079 Victims of the Cryptsy fraud received good news this week in rulings from the two federal court cases. First, District Court Judge Kenneth Marra of The United States District Court for the Southern District of Florida granted final approval to the class action settlement reached with Vernon’s ex-wife and a minority Cryptsy shareholder. The Court praised […]

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]]> Victims of the Cryptsy fraud received good news this week in rulings from the two federal court cases. First, District Court Judge Kenneth Marra of The United States District Court for the Southern District of Florida granted final approval to the class action settlement reached with Vernon’s ex-wife and a minority Cryptsy shareholder. The Court praised the settlement and the attorneys involved including Class Counsel, Marc A. Wites of Wites & Rogers (www.wklawyers.com), and David C. Silver, of Silver Law Group (www.silverlaw.com), noting that Cryptsy’s founder and majority shareholder, Paul Vernon, shut down Cryptsy, fled the country for China, and has refused to respond to or otherwise participate in the lawsuit.
In connection with granting final approval to the settlement, Judge Marra also authorized the Court-Appointed Receiver, James D. Sallah, to proceed with the sale of real estate, the proceeds from which will be used to help fund the settlement .Plaintiffs in the Class Action, and the Receiver, contended that Vernon used monies obtained from cryptocurrency stolen from Cryptsy accounts, to purchase the home.
Co-Class Counsel, Marc Wites , explained that the Court’s approval of the settlement is a big step in the process of providing relief to the victims of Cryptsy’s fraud. “There is still a lot more work to do” said Wites, explaining that “we must now liquidate all of the assets that are part of the settlement fund, review all of the claims submitted by Cryptsy victims, and then make distributions.” Wites & Rogersis hopeful that distributions to victims will begin later this summer.
On another front, Cryptsy victims scored another victory in a separate, but related, class action brought against Coinbase. On Thursday, Judge Marra – who also presides over the Coinbase case – ruled that Coinbase could not force the class action claims of the Cryptsy victims to arbitration. Co-Class Counsel David Silver, remarked that “the Court ruling means that a party that does not sign a contract with an arbitration agreement, and does not agree to arbitration, cannot be forced to arbitration. This victory means that this case will be tried in public and resolved by a trial before a jury of Cryptsy victims peers.”
In denying Coinbase’s efforts to force the case to arbitration, the Court also refused to stay the case (which in layperson terms means to put in on hold or pause) while the Court-Appointed Receiver, Mr. Sallah (www.sallahcox.com), pursues claims in arbitration against Cryptsy.  When the Court appoints a Receiver, explained Attorney Silver, the Receiver steps into the shoes of the company it was appointed to take over, so in this case Mr. Sallah, on behalf of Cryptsy, is suing Coinbase. Since the Coinbase contract with Cryptsy has an arbitration provision, and Coinbase sought to enforce that provision, the Receiver’s claims will proceed in arbitration.
“Coinbase wanted to stop the claims of the Class in Court pending the outcome of the arbitration, and the Court said no”, explained Mr. Sallah, who also is an attorney who often serves in the role of receiver in these types of actions. Sallah remarked that the litigation of cryptocurrency disputes are cutting edge issues in the courts, and that he is committed to working to help recover money for the victims of the Cryptsy fraud.
Information about both cases is available at www.cryptsysettlement.com and www.cryptsyreceivership.com

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]]> https://witeslaw.com/cryptsy-collection-efforts-continue-court-victories/feed/ 0 Wites & Rogers Files Class Action Lawsuit Against Cryptsy and Its Principal Paul (“Big Vern”) Vernon https://witeslaw.com/wites-p-a-files-class-action-lawsuit-against-cryptsy-and-its-principal-paul-big-vern-vernon/ https://witeslaw.com/wites-p-a-files-class-action-lawsuit-against-cryptsy-and-its-principal-paul-big-vern-vernon/#respond Wed, 13 Jan 2016 19:09:09 +0000 https://wklawyers.com/?p=1557 Wites & Rogers Files Class Action Lawsuit Against Cryptsy and Paul “Big Vern” Vernon Wites & Rogers (www.wklawyers.com), along with the Silver Law Group, has filed a nationwide class action lawsuit in federal court against Florida-based cryptocurrency exchange operator Cryptsy and its principal, Paul (“Big Vern”) Vernon.  Over the past several months, numerous Cryptsy account holders have […]

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]]> Wites & Rogers Files Class Action Lawsuit Against Cryptsy and Paul “Big Vern” Vernon

Wites & Rogers (www.wklawyers.com), along with the Silver Law Group, has filed a nationwide class action lawsuit in federal court against Florida-based cryptocurrency exchange operator Cryptsy and its principal, Paul (“Big Vern”) Vernon.  Over the past several months, numerous Cryptsy account holders have been denied access to their accounts and have been deprived of any ability to properly protect their valuable assets amidst widespread reports of problems at the heart of Cryptsy’s business.  While reports have been swirling in multiple media outlets that Cryptsy’s future is greatly troubled and that the company might be under heavy regulatory scrutiny, many Cryptsy account holders have been unable to withdraw any and all forms of currency from their accounts. 
Despite repeated inquiries to Cryptsy, users are being left without any meaningful response or information from Cryptsy and have had their withdrawal demands either denied or tabbed as “pending” for days, weeks, or even months.  Although the exact amount has yet to be calculated, it is believed the value of the digital funds being held captive at Cryptsy exceeds Five Million Dollars ($5,000,000.00).
Bit coins CRYPTSY class action lawsuitThe class action lawsuit is pending in the United States District Court for the Southern District of Florida under Case No. 9:16-cv-80060. As stated in the lawsuit, the class of victims pursuing relief includes “All Cryptsy account owners who deposited Bitcoins, alternative cryptocurrencies, or any other form of monies or currency at Cryptsy and have been denied access to their accounts and funds between November 1, 2015 and the present date.” The lawsuit asserts claims for negligence, unjust enrichment, conversion of funds and property, and violations of Florida’s Deceptive and Unfair Trade Practices Act.
If you have invested in Bitcoin or any other cryptocurrency and believe you are the victim of a fraud or a theft of your assets, you might have the grounds upon which to assert a claim to recover your losses. Additionally, if you have entrusted your cryptocurrency to Cryptsy or have traded through its web site and feel you have been misled, gather your metadata and contact www.wklawyers.com to find out what rights may be available to you.
You can also email  info@witeslaw.com or give us a call at 954-933-4400.
Photo Credits:
Copyright: 3dart / 123RF Stock Photo
Copyright: ppart / 123RF Stock Photo

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]]> https://witeslaw.com/wites-p-a-files-class-action-lawsuit-against-cryptsy-and-its-principal-paul-big-vern-vernon/feed/ 0 CLASS ACTION LAWSUITS; WHAT ARE THEY GOOD FOR? https://witeslaw.com/class-action-lawsuits-good/ https://witeslaw.com/class-action-lawsuits-good/#respond Thu, 27 Nov 2014 14:28:35 +0000 https://wklawyers.com/?p=981 What Is a Class Action Lawsuit and How Does It Work? Many people have legal claims that are simply too small to pursue individually. For example, imagine being overcharged $5, $50, or even $500 by a large corporation. While the amount may be meaningful to you, it may not justify hiring an attorney on an […]

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]]> What Is a Class Action Lawsuit and How Does It Work?

Many people have legal claims that are simply too small to pursue individually. For example, imagine being overcharged $5, $50, or even $500 by a large corporation. While the amount may be meaningful to you, it may not justify hiring an attorney on an individual basis.

When small harms affect thousands — or even millions — of people, a class action lawsuit may provide a solution.

What Is a Class Action Lawsuit?

A class action lawsuit is a legal action filed by one person (or a small group of people) on behalf of a larger group who have suffered similar harm.

The individual who initiates the case is called the:

  • Class Representative
  • Named Plaintiff

The larger group is known as the Class.

If the court certifies the case as a class action, the lawsuit proceeds on behalf of all similarly situated individuals.

Why Class Actions Exist

Class actions are designed to:

  • Provide access to justice for individuals with small claims
  • Promote judicial efficiency
  • Hold corporations accountable for widespread misconduct
  • Prevent companies from profiting from small but repeated overcharges

Without class actions, many unlawful practices would go unchallenged because the cost of individual litigation would outweigh the potential recovery.

How Class Actions Work

Before a case can proceed as a class action, a court must determine whether:

  • The class is sufficiently large
  • There are common legal or factual issues
  • The claims of the representative are typical of the class
  • The representative can adequately protect the interests of the class

If these requirements are met, the court may certify the case as a class action.

Examples of Class Action Cases

Class actions often involve:

  • Consumer overcharges
  • Defective products
  • False advertising
  • Unlawful fees
  • Securities violations
  • Data breaches

Are Class Actions Always the Right Choice?

Not every dispute qualifies as a class action. Some claims are better handled individually, particularly where damages vary significantly among individuals.

An experienced attorney can evaluate whether a class action is appropriate under the circumstances.

Free Consultation

If you believe you and others may have been harmed by the same unlawful conduct, contact Wites & Rogers to discuss your legal options.

954-933-4400

Consultations are confidential.

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]]> https://witeslaw.com/class-action-lawsuits-good/feed/ 0 Wites & Rogers ANNOUNCES INVESTIGATION OF MAGNACHIP SEMICONDUCTOR CORPORATION (MX) https://witeslaw.com/wites-announces-investigation-magnachip-semiconductor-corporation-mx-3/ https://witeslaw.com/wites-announces-investigation-magnachip-semiconductor-corporation-mx-3/#respond Tue, 11 Mar 2014 10:37:51 +0000 https://wklawyers.com/?p=609 MagnaChip Semiconductor Investigation | Investor Rights Information On March 11, 2013 after the market closed, MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX) disclosed in a filing with the Securities and Exchange Commission (SEC) that as a result of incorrectly recognizing revenue, the Company will be restating its financial statements for each of the […]

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]]> MagnaChip Semiconductor Investigation | Investor Rights Information

On March 11, 2013 after the market closed, MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX) disclosed in a filing with the Securities and Exchange Commission (SEC) that as a result of incorrectly recognizing revenue, the Company will be restating its financial statements for each of the fiscal quarters and years in 2011 and 2012 and the first three quarters in 2013.   The Company’s SEC filing states, in pertinent part, as follows:

“On March 6, 2014, the Audit Committee of the Company’s Board of Directors determined that the Company incorrectly recognized revenue on certain transactions and as a result will restate its financial statements. This conclusion is based upon preliminary findings of an ongoing internal review into practices and procedures by management, conducted at the Audit Committee’s request by outside professional advisors and after consultation with management and the Company’s independent auditors. Revenue on these transactions was recognized when products were shipped to a distributor but should have been recognized when the distributor shipped the product to the customer. As a result, revenue on these transactions will be reversed and recognized in the period when the products were shipped by the distributor.”

Additionally, the Company disclosed that MagnaChip’s management has concluded that one or more material weaknesses exist in the Company’s internal controls over financial reporting and that, as a result, internal controls over financial reporting and disclosure controls and procedures were not effective.

Following this news, MagnaChip’s shares declined by $2.14 per share, or 15% in after-market hours trading to a price of $12.19 per share on March 11, 2014.

The Wites & Rogers seeks to uncover additional information about this substantial loss of shareholder value, and potential investor claims against MagnaChip Semiconductor Corporation.

If you are an investor who purchased MagnaChip stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.

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]]> https://witeslaw.com/wites-announces-investigation-magnachip-semiconductor-corporation-mx-3/feed/ 0 Wites & Rogers ANNOUNCES INVESTIGATION OF CHEFS’ WAREHOUSE, INC. (CHEF) https://witeslaw.com/wites-announces-investigation-chefs-warehouse-inc-chef/ Tue, 28 Jan 2014 00:19:44 +0000 https://wklawyers.com/?p=314 Chefs’ Warehouse (CHEF) Investigation | Investor Rights Information On January 27, 2014 after the market closed, Chefs’ Warehouse, Inc. (“Chefs’ Warehouse” or the “Company”) (Nasdaq: CHEF) issued a press release announcing that the Company expects fiscal 2013 financial results to be below its previously announced guidance. Additionally, the Company disclosed that its fourth quarter results were negatively […]

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]]> Chefs’ Warehouse (CHEF) Investigation | Investor Rights Information
On January 27, 2014 after the market closed, Chefs’ Warehouse, Inc. (“Chefs’ Warehouse” or the “Company”) (Nasdaq: CHEF) issued a press release announcing that the Company expects fiscal 2013 financial results to be below its previously announced guidance.
Additionally, the Company disclosed that its fourth quarter results were negatively impacted by “a significant charge related to an accounting issue” involving its Michaels’ Finer Meats subsidiary.  The press release also states “[i]n regard to the accounting issue, the Company has determined that an employee involved  in the financial reporting process at its Michaels’ Finer Meats subsidiary acquired in August 2012, deliberately made unsupported adjustments to the subsidiary’s inventory balances resulting in an aggregate overstatement to the subsidiary’s balance as of the closing date of approximately $427,000, which increased to an aggregate overstatement of approximately $905,000 at September 27, 2013. . . .”  The overstatement of inventory resulted in an understatement of cost of goods sold.
During a conference call held on January 27, 2014 at least one analyst questioned the Company on how this overstatement escaped Chefs’ Warehouse during the due diligence process.
The Wites & Rogers seeks to uncover additional information about this substantial loss of shareholder value, and potential investor claims against Chefs’ Warehouse.
If you are an investor who purchased Chefs’ Warehouse stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email atinfo@witeslaw.com or toll-free at 1 (866) 277-8631.
Wites & Rogers is a law firm with offices in Oakland, California and Lighthouse Point, Florida, with expertise in the representation of investors in securities fraud and investor litigation claims. You may visit its website atwww.wklawyers.com.
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]]> INVESTIGATION OF AEGERION PHARMACEUTICALS, INC. https://witeslaw.com/investigation-aegerion-pharmaceuticals-inc-2/ https://witeslaw.com/investigation-aegerion-pharmaceuticals-inc-2/#respond Tue, 21 Jan 2014 00:19:41 +0000 https://wklawyers.com/?p=316 Aegerion Pharmaceuticals (AEGR) Securities Class Action Notice A class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Aegerion Pharmaceuticals, Inc. (NASDAQ: AEGR) securities between March 15, 2012 and January 9, 2014 (the “Class Period”). Allegations in the Complaint The complaint alleges […]

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]]> Aegerion Pharmaceuticals (AEGR) Securities Class Action Notice

A class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Aegerion Pharmaceuticals, Inc. (NASDAQ: AEGR) securities between March 15, 2012 and January 9, 2014 (the “Class Period”).

Allegations in the Complaint

The complaint alleges that Aegerion and certain of its officers made materially false and/or misleading statements and/or failed to disclose important information to investors.

Specifically, it is alleged that:

  • Aegerion marketed its drug JUXTAPID in violation of the Federal Food, Drug, and Cosmetic Act
  • The Company’s marketing practices exposed it to heightened regulatory scrutiny by the U.S. Food and Drug Administration (FDA) and other governmental authorities
  • Statements concerning the Company’s business, operations, and prospects were materially false and misleading

DOJ Subpoena and Stock Price Decline

On January 9, 2014, Aegerion announced that it had received a subpoena from the United States Department of Justice, represented by the U.S. Attorney’s Office in Boston, Massachusetts. The subpoena requested documents relating to the Company’s marketing and sale of JUXTAPID in the United States.

Following this announcement:

  • Shares of Aegerion declined $7.98 per share
  • The stock fell nearly 11%
  • Shares closed at $65.77 on January 10, 2014
  • Trading volume was unusually heavy

Potential Investor Claims

Wites & Rogers is seeking to uncover additional information regarding the reported loss of shareholder value and potential claims on behalf of investors.

If you purchased Aegerion Pharmaceuticals securities between March 15, 2012 and January 9, 2014, you may have legal rights under federal securities laws.

In securities class actions, one investor may seek to serve as Lead Plaintiff on behalf of the class.

Contact Information

If you would like to discuss your rights or potential involvement as a lead plaintiff, contact Wites & Rogers:

info@witeslaw.com

1 (866) 277-8631

Consultations are confidential.

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]]> https://witeslaw.com/investigation-aegerion-pharmaceuticals-inc-2/feed/ 0 INVESTOR ALERT: Wites & Rogers& ANNOUNCES INVESTIGATION OF INVESTOR LOSSES IN NET 1 UEPS TECHNOLOGIES, INC., AND CLASS ACTION LAWSUIT https://witeslaw.com/investor-alert-wites-announces-investigation-investor-losses-net-1-ueps-technologies-inc-class-action-lawsuit-3/ Tue, 07 Jan 2014 10:47:41 +0000 https://wklawyers.com/?p=612 On December 4, 2012, Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ: UEPS) disclosed that it was under investigation by the U.S. Department of Justice, Criminal Division and the Division of the Enforcement of the Securities and Exchange Commission to determine whether the Company has “violated provisions of the Foreign Corrupt Practices […]

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]]> On December 4, 2012, Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ: UEPS) disclosed that it was under investigation by the U.S. Department of Justice, Criminal Division and the Division of the Enforcement of the Securities and Exchange Commission to determine whether the Company has “violated provisions of the Foreign Corrupt Practices Act and other U.S. federal criminal laws by engaging in a scheme to make corrupt payments to officials of the Government of South Africa in connection with securing a contract with [the] South African Social Security Agency (“SASSA”) to provide social welfare and benefits payments.”   Following this news, Net 1 shares declined by $4.62 per share, or nearly 59%, to close at $3.22 per share on December 4, 2012, on unusually heavy trading volume.

Then, on November 29, 2013, the Company announced that the South African Constitutional Court ruled that the tender process followed by the SASSA in awarding a contract to Net 1’s wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited (“CPS”) was constitutionally invalid.  Following this news, shares of Net 1 declined by $3.34 per share, nearly 29%, to close at $8.19 per share on November 29, 2013, again on unusually heavy trading volume.

If you are an investor who purchased Net 1 stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.

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]]> INVESTOR ALERT: KAPLAN FOX AND Wites & Rogers Remind INVESTORS OF DECEMBER 27, 2013 DEADLINE IN NQ MOBILE CLASS ACTION https://witeslaw.com/investor-alert-kaplan-fox-wites-remind-investors-december-27-2013-deadline-nq-mobile-class-action-3/ Thu, 19 Dec 2013 10:49:34 +0000 https://wklawyers.com/?p=614 Kaplan Fox and Wites & Rogers remind investors that December 27, 2013 is the deadline to move the Court to serve as the lead plaintiff in the pending class action lawsuits against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ). The case is pending in the United States District Court for the Eastern District of Texas (Case No. 2:13-cv-01048).  A copy of the […]

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]]> Kaplan Fox and Wites & Rogers remind investors that December 27, 2013 is the deadline to move the Court to serve as the lead plaintiff in the pending class action lawsuits against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ).

The case is pending in the United States District Court for the Eastern District of Texas (Case No. 2:13-cv-01048).  A copy of the complaint may be obtained from Kaplan Fox, Wites & Rogers, or the Court.

If you are a member of the proposed Class, you may move the court no later than December 27, 2013 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Investors that suffered significant losses investing in NQ Mobile during the specified times who are interested in potentially serving as lead plaintiff are encouraged to contact Donald R.  Hall (dhall@kaplanfox.com)((800) 290-1952) or Marc A. Wites (mwites@witeslaw.com)(866-277-8631) to discuss their legal rights.
If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX t KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
Email:dhall@kaplanfox.com

Marc A. Wites
Wites & Rogers
4400 North Federal Highway
Lighthouse Point, FL 33064
(954) 570-8989
Fax: (954) 354-0205
Email:mwites@witeslaw.com

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]]> Kaplan Fox and Wites & Rogers File Securities Class Action on Behalf of Purchasers of NQ Mobile American Depositary Shares During the Period May 5, 2011 and October 24, 2013 https://witeslaw.com/kaplan-fox-wites-file-securities-class-action-behalf-purchasers-nq-mobile-american-depositary-shares-period-may-5-2011-october-24-2013-3/ https://witeslaw.com/kaplan-fox-wites-file-securities-class-action-behalf-purchasers-nq-mobile-american-depositary-shares-period-may-5-2011-october-24-2013-3/#respond Thu, 12 Dec 2013 10:50:25 +0000 https://wklawyers.com/?p=617 Kaplan Fox and Wites & Rogers File Securities Class Action Against NQ Mobile (NYSE: NQ) Kaplan Fox t Kilsheimer LLP (www.kaplanfox.com) and Wites & Rogers (www.wklawyers.com) have filed a class action suit against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ), and certain officers and directors of the Company, alleging violations of the Securities Act […]

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]]> Kaplan Fox and Wites & Rogers File Securities Class Action Against NQ Mobile (NYSE: NQ)

Kaplan Fox t Kilsheimer LLP (www.kaplanfox.com) and Wites & Rogers (www.wklawyers.com) have filed a class action suit against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ), and certain officers and directors of the Company, alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 on behalf of purchasers of NQ Mobile ADRs during the period May 5, 2011 through October 24, 2013, inclusive (the proposed “Class”), including investors who purchased ADRs in the May 2011 IPO underwritten by Piper Jaffray t Co., Oppenheimer t Co., and Canaccord Genuity.

The complaint alleges that NQ Mobile, formerly “Netqin Mobile Inc.,” is a Cayman Islands company with dual headquarters in Texas and China. Founded in 2005, NQ Mobile claims to provide mobile internet security services, privacy and virus protection, parental control, video games and productivity solutions for mobile phones. In May 2011, the Company went public with an IPO (the “IPO”) issuing 7.75 million ADRs, representing 38.75 million Class A common shares.

On October 24, 2013, research company Muddy Waters LLC issued an 81-page report (click here) which began, “NQ is a massive fraud.” Among other things, Muddy Waters reported that a majority of NQ’s China revenue is fraudulent; its largest customer is actually owned by the Company; NQ’s market share was overstated several times over; the Company’s most important product, its “Antivirus 7.0,” was actually spyware that made customer phones more susceptible to hacking; NQ is surreptitiously gathering personally identifiable information from customer phones without their knowledge or consent and transmitting back to the Company in China; and several acquisitions were actually shell companies. NQ shares plunged on the news, falling from $22.98 per share to $12.09 in one day. The Company’s market capitalization fell from more than $1 billion to approximately $500 million, wiping out approximately half a billion dollars of shareholder value in a single day. Trading was halted.

On November 3, 2013, Bloomberg News published an article confirming many of Muddy Waters’ accusations. Two days later, on November 5, 2013, the Company’s own lead manager in the IPO, Defendant Piper Jaffray, announced it had suspended its rating on the stock. Erik Lam, director of Asian equity sales at Auerbach Grayson t Co., said “Obviously it would cause tremendous concern, especially if it’s the IPO lead manager.” Shares plunged further, closing at $9.52.

If you are a member of the proposed Class, you may move the court no later than December 27, 2013 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

The case was filed in the United States District Court for the Eastern District of Texas.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox t Kilsheimer LLP and Wites & Rogers For more information about the complaint, or if you would like to obtain a copy of the complaint, you may contact Kaplan Fox (www.kaplanfox.com) or Wites & Rogers (www.wklawyers.com).

Contact Information

  • If you have any questions about this Notice, the action, your rights, or your interests, please contact:Donald R. Hall
    KAPLAN FOX t KILSHEIMER LLP
    850 Third Avenue, 14th Floor
    New York, New York 10022
    (800) 290-1952
    (212) 687-1980
    Fax: (212) 687-7714
    Email: dhall@kaplanfox.com
    Marc A. Wites
    Wites & Rogers
    4400 North Federal Highway
    Lighthouse Point, FL 33064
    (954) 570-8989
    Fax: (954) 354-0205
    Email: mwites@witeslaw.com

The post Kaplan Fox and Wites & Rogers File Securities Class Action on Behalf of Purchasers of NQ Mobile American Depositary Shares During the Period May 5, 2011 and October 24, 2013 appeared first on Wites & Rogers.

]]> https://witeslaw.com/kaplan-fox-wites-file-securities-class-action-behalf-purchasers-nq-mobile-american-depositary-shares-period-may-5-2011-october-24-2013-3/feed/ 0 INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF OSI SYSTEMS, INC. https://witeslaw.com/investor-alert-wites-announces-investigation-osi-systems-inc-2/ https://witeslaw.com/investor-alert-wites-announces-investigation-osi-systems-inc-2/#respond Wed, 11 Dec 2013 00:19:29 +0000 https://wklawyers.com/?p=323 On December 5, 2013, after the market closed, OSI Systems, Inc. (Nasdaq: OSIS) announced that its security division, Rapiscan Systems, was notified by the U.S. Transportation Security Administration (“TSA”) that a delivery order placed with Rapiscan on September 26, 2013 for Advanced Technology X-Ray (AT-2) based systems was being terminated for default.  As a result, the Company said it […]

The post INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF OSI SYSTEMS, INC. appeared first on Wites & Rogers.

]]> On December 5, 2013, after the market closed, OSI Systems, Inc. (Nasdaq: OSIS) announced that its security division, Rapiscan Systems, was notified by the U.S. Transportation Security Administration (“TSA”) that a delivery order placed with Rapiscan on September 26, 2013 for Advanced Technology X-Ray (AT-2) based systems was being terminated for default.  As a result, the Company said it has de-booked the order which had a value of approximately $60 million.   The next trading day, December 6, 2013, shares of OSI Systems’ common stock declined by $6.97 per share, nearly 10%, to close at $64.75 per share.

On December 9, 2013, OSI Systems issued a press release, explaining that the Company “believes the termination resulted from Rapiscan’s use of an upgraded component in the AT-2 detection systems”, and that although “the component change was vetted by Rapiscan’s internal quality assurance, it did not meet the contractual requirement of obtaining TSA’s approval in advance.” Bloomberg News reported that “a part in new baggage-scanning machines made under the canceled contract was manufactured in China” and that the Company “didn’t get TSA’s approval for the part, violating its contract.”

On December 9, 2013, following this news, OSI System’s stock price plunged by $17.37 per share, nearly 27%, to close at $47.38 per share.  The Wites & Rogers seeks to uncover additional information about this substantial loss of shareholder value, and potential investor claims against OSI.

If you are an investor who purchased OSI Systems stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.

Wites & Rogers is a law firm with offices in Oakland, California and Lighthouse Point, Florida, with expertise in the representation of investors in securities fraud and investor litigation claims. You may visit its website atwww.wklawyers.com.

The post INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF OSI SYSTEMS, INC. appeared first on Wites & Rogers.

]]> https://witeslaw.com/investor-alert-wites-announces-investigation-osi-systems-inc-2/feed/ 0 INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF BARNES t NOBLE, INC. https://witeslaw.com/investor-alert-wites-announces-investigation-barnes-noble-inc-2/ https://witeslaw.com/investor-alert-wites-announces-investigation-barnes-noble-inc-2/#respond Tue, 10 Dec 2013 00:19:26 +0000 https://wklawyers.com/?p=325 On July 29, 2013, Barnes t Noble, Inc. (“Barnes t Noble” or the “Company”) (NYSE: BKS) restated its financial results.  Following this news, shares of the Company’s common stock price declined by $0.85 per share, or 4.6%, to close at $17.56 per share on July 29, 2013. Then, on December 6, 2013, Barnes t Noble […]

The post INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF BARNES t NOBLE, INC. appeared first on Wites & Rogers.

]]> On July 29, 2013, Barnes t Noble, Inc. (“Barnes t Noble” or the “Company”) (NYSE: BKS) restated its financial results.  Following this news, shares of the Company’s common stock price declined by $0.85 per share, or 4.6%, to close at $17.56 per share on July 29, 2013.

Then, on December 6, 2013, Barnes t Noble revealed that the Securities t Exchange Commission (“SEC”) has begun an investigation into the Company’s restatement of earnings announced on July 29, 2013.  The SEC investigation is also looking into a former non-executive employee’s allegation that the Company improperly allocated certain expenses between its NOOK e-reader and its Retail segments for purposes of segment reporting.  On December 6, 2013 following these disclosures, the Company’s common stock price declined by $1.96 per share, nearly 12%, to close at $14.43 per share.

The investigation concerns whether Barnes t Noble and/or certain of its officers have violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934.
If you are an investor who purchased Barnes t Noble stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.

The post INVESTOR ALERT: Wites & Rogers ANNOUNCES INVESTIGATION OF BARNES t NOBLE, INC. appeared first on Wites & Rogers.

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