The Offer

The tagline on the company websites and advertisements promise “Money Now” and look like an easy way to receive fast cash in exchange for the purchase of a federal pension plan.  However, these companies fail to disclose that this new financial contract is really a high-interest loan and charges interest rates that are more than double, or even triple, the amount of the cash advance originally received.  For example, to receive a cash advance of $5,000, you could end up agreeing to pay up to $25,000 in interest over the term of your loan, which is usury!  Companies, such as Future Income Payments, LLC; Pension Funding, LLC; Pension Income, LLC; and Pension, Annuities t Settlements, are offering such  “pension advances,” a transaction in which retirees receive a lump sum cash payment for selling all or a portion of their pension payments. 

What is Usury?

All states have usury laws, which regulate the amount of interest that may be lawfully charged on a monetary loan and prevent creditors from deceiving potential customers about hidden interest rates and fees.  If a creditor attempts to charge an unfair interest rate higher than that regulated value, or has failed to make certain disclosures about the terms of the loan, the loan is deemed “usurious” and illegal and may then be cancelled and declared unenforceable by a court.  Additionally, the interest paid on the contract will be returned to the victimized borrower—sometimes even at double or triple the amount as compensation for the legal violation against him or her, depending on the state’s law.

Additional Legal Protections

Federal law also protects citizens of all states from these deceptive and predatory lending practices:

• The Truth in Lending Act (TILA) provides that companies must disclose the amount financed, the finance charge, the annual percentage rate, the total number and amount of payments “clearly conspicuously” in writing so that the borrower can make an informed decision regarding the credit being offered.
• The Fair Debt Collection Practices Act (FDCPA) prevents abusive and harassing debt collection practices and allows consumers with remedies for any violations of this law.

• The Electronic Funds Transfer Act (EFTA) prohibits any company from conditioning the extension of credit on a borrower’s repayment by preauthorized EFTs, such that the borrower is unable to stop repayment on a loan.

These protections ensure that all companies nationwide must abide by certain restrictions on monetary lending and protect individual rights of all American citizens by making it a federal crime to engage in deceptive loan practices.

How to Get Help

If you have recently been contacted to sell your pension or other retirement income stream by – or have already “sold” your pension to –  any of the companies listed below (or any other company not listed), we may be able to help you:

• Future Income Payments, LLC
• Pension Funding, LLC
• Pension Income, LLC
• Pension, Annuities t Settlements LLC
• Voyager Financial Group
• LumpSum Pension Advance
• Structured Investments Co., LLC
• SoBell Corp.
• Advance Pension Strategies
• Rapid Pension Advances
• LumpSum4Pensions
• Lump Sum Pension Purchasing
• Sell My Annuity
• Bradley Financial Group

Learn more about complaints against companies that disguise usurious loans through promises of providing  fast money through the sale of your pension or retirement benefits by clicking here. 
The attorneys at Wites & Rogers are available to answer any questions you may have or to schedule a free consultation to determine whether you are entitled to money relief.  Contact our offices online or by phone at 866-277-8631 or 954-933-4400. 

The post Cash Advances on Pension Plans: How to Spot an Illegal Loan Offer and How to Get Help if You Are Already a Victim appeared first on Wites & Rogers.

In August 2014, a pipe burst inside a Port Charlotte, Florida home, releasing approximately 14,000 gallons of water and causing extensive damage throughout the property.

Walls, insulation, flooring, cabinetry, furniture, and personal belongings were significantly impacted. The homeowner, a senior citizen who had faithfully paid her homeowner’s insurance premiums for years, promptly reported the claim.

Insurance Company Underpaid the Claim

After inspecting the damage, the insurance company offered $13,797.43 — a small fraction of what was required to fully repair the home.

Despite repeated efforts to resolve the matter directly, the insurer refused to provide adequate compensation under the policy.

Legal Action Filed

Wites & Rogers was retained in November 2014 to pursue the full value of the claim. A lawsuit was filed against the insurance company to enforce the policyholder’s contractual rights.

In early January 2015, the case was resolved.

The insurance company agreed to pay:

• $100,043 to the homeowner
• Attorney’s fees and costs

As a result, the client did not pay legal fees out of her recovery.

Florida Insurance Claim Disputes

Unfortunately, underpaid homeowner’s insurance claims are not uncommon following major water damage events.

Common issues in property damage disputes include:

• Low repair estimates
• Failure to account for hidden water damage
• Mold remediation disputes
• Improper depreciation calculations
• Denial of covered damages

Policyholders have the right to challenge underpayments and seek enforcement of their insurance contract.

Free Consultation

If your homeowner’s insurance claim has been denied or underpaid, contact Wites & Rogers to discuss your options.

954-933-4400

There are no fees unless compensation is recovered.

The post Wites & Rogers Recovers $100,000 for Florida Senior Citizen from her Homeowner’s Insurance Company appeared first on Wites & Rogers.

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.

The post Wites & Rogers ANNOUNCES INVESTIGATION OF MAGNACHIP SEMICONDUCTOR CORPORATION (MX) appeared first on Wites & Rogers.

The post Wites & Rogers ANNOUNCES INVESTIGATION OF CHEFS’ WAREHOUSE, INC. (CHEF) appeared first on Wites & Rogers.

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.

The post INVESTIGATION OF AEGERION PHARMACEUTICALS, INC. appeared first on Wites & Rogers.

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.

The post INVESTOR ALERT: Wites & Rogers& ANNOUNCES INVESTIGATION OF INVESTOR LOSSES IN NET 1 UEPS TECHNOLOGIES, INC., AND CLASS ACTION LAWSUIT appeared first on Wites & Rogers.

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

The post INVESTOR ALERT: KAPLAN FOX AND Wites & Rogers Remind INVESTORS OF DECEMBER 27, 2013 DEADLINE IN NQ MOBILE CLASS ACTION appeared first on Wites & Rogers.

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).

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.

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.

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.

The post Wites & Rogers ANNOUNCES THAT CLASS ACTION LAWSUITS HAVE BEEN FILED AGAINST PHOTOMEDEX, INC. appeared first on Wites & Rogers.

On November 21, 2013, the company reported its financial results for the third fiscal quarter of 2014. The company reported a higher-than-expected net loss of $0.85 cents a share, and sales of $28.3 million, which were below analysts’ expectations. Violin Memory also provided revenue guidance between $30 million and $32 million for its 2014 fiscal fourth quarter, well-below analyst estimates in the range of $44 million.

Following this news, on November 22, 2013, Violin Memory’s stock price dropped $2.89 per share, more than 48%, to close a $3.11 per share on heavy trading volume. The Wites & Rogers seeks to uncover additional information about this substantial loss of shareholder value, and potential investor claims against Violin Memory.

Actions have been filed against the Company, certain executives and/or directors and the Underwriters in the United States District Court for the Northern District of California on behalf of all persons other than defendants who purchased or otherwise acquired the common stock of Violin Memory pursuant and/or traceable to the Company’s false and/or misleading Registration and Prospectus issued in connection with the Company’s IPO and who were damaged thereby. The complaints allege that the Registration Statement failed to disclose that the Company was being negatively impacted by known trends. Among other things, it is alleged that defendants failed to disclose material information, including that (1) Violin Memory’s statements about the Company’s projected revenues for its flash memory sales were based on materially flawed projections, (2) the Company could not in fact reach the revenue goals it had touted to investors, and (3) the Company’s sales and revenues were being negatively impacted by the reprioritization of federal agencies’ budgets due to the uncertainty surrounding the negotiations over the federal budget and the possibility of a shutdown of the federal government.

If you are an investor who purchased Violin Memory stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. The deadline for lead plaintiff is January 27, 2014. 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 VIOLIN MEMORY, INC.’S DECLINE IN SHARE VALUE AND POSSIBLE CLASS ACTION LAWSUIT appeared first on Wites & Rogers.