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Date: 09-13-2023
Case Style:
Case Number: 2:23-cv-01322
Judge: Gary R. Brown
Court: United States District Court for the Eastern District of New York (Nassau County)
Plaintiff's Attorney: Geoff Pope, Patrick Rohan, and Ben Rattner
Defendant's Attorney: Steve Miller
Description: Central Islip, New York business law litigation lawyers represented the Plaintiffs who sued the Defendants on securities fraud theories.
"Securities fraud is a crime that involves using false or misleading information to induce investors into buying or selling securities. Securities fraud can be committed in a variety of ways, including:
Making false or misleading statements about the value or performance of a security.
Omitting material information from a disclosure document.
Trading on inside information.
Manipulating the market price of a security.
Securities fraud is a serious crime that can have devastating consequences for investors. It can also damage the integrity of the securities markets.
The primary federal law that prohibits securities fraud is Section 10(b) of the Securities Exchange Act of 1934. This law makes it illegal to use "any manipulative or deceptive device or contrivance" in connection with the purchase or sale of a security.
The Securities and Exchange Commission (SEC) enforces Section 10(b) and other securities fraud laws. The SEC can bring civil enforcement actions against individuals and companies that violate these laws. These actions can result in fines, penalties, and injunctions.
The SEC can also refer criminal cases to the Department of Justice for prosecution. Criminal prosecutions for securities fraud can result in prison sentences of up to 20 years.
In addition to the federal laws, many states also have securities fraud laws. These laws can provide additional protections for investors and can be used to supplement the enforcement efforts of the SEC.
If you believe that you have been the victim of securities fraud, you should contact an attorney. An attorney can help you understand your legal rights and options.
Here are some of the penalties for securities fraud:
Civil fines of up to $5 million per violation.
Criminal fines of up to $250,000 per violation and/or imprisonment for up to 20 years.
Injunctions prohibiting the individual or entity from engaging in further securities fraud.
Restitution to investors who lost money as a result of the fraud.
The penalties for securities fraud can be severe, so it is important to seek legal advice if you believe you have been a victim."
Google Bard
Outcome: 09/13/2023 ORDER DISMISSING CASE: In light of the settlement in principle this case is hereby DISMISSED without prejudice to its reinstatement should the settlement not be consummated. Barring any further requests for an extension by November 13, 2023, this dismissal shall deemed with prejudice.Ordered by Judge Gary R. Brown on 9/13/2023. (KM) (Entered: 09/13/2023)
Plaintiff's Experts:
Defendant's Experts:
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