GEROVA Financial Group, Ltd
Class Period: Jan 8, 2010 to Feb 23, 2011
Lead Plaintiff Deadline: Jul 5, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against GEROVA Financial Group, Ltd (GFC) on behalf of all persons who purchased or otherwise acquired the GEROVA common stock from January 08, 2010, through February 23, 2011. This case has been filed in the USDC - New York (Southern).
The complaint alleges that throughout the Class Period, defendants misrepresented or failed to disclose material adverse facts about GEROVA Financial Group, Ltd.'s ("Gerova" or the "Company") business, operations, and prospects, including but not limited to the fact that a substantial portion of the assets it acquired pursuant to several transactions in January 2010 were impaired, illiquid, and worth far less than their recorded value; and that some of these acquisitions were with companies controlled by or affiliated with Gerova's top officers.
On January 10, 2011, Dalrymple Finance LLC published a report (the "Dalrymple Report"), critical of Gerova, labeling it as "a game of smoke and mirrors," and specifically questioning the valuation of the assets acquired in January, 2010. On this news, Gerova shares dropped $1.06 or nearly 4%, to close at $26.98.
On February 10, 2011, after the market closed, the Company announced the resignation of the Company's Chairman of the Board, Chief Executive Officer and Directors. On this news, Gerova shares declined by $9.31 or 59% for four consecutive trading sessions, to close at $6.39 on February 16, 2011.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.