Pomerantz Law Firm Has Filed a Class Action Against Gerova Financial Group Ltd. -- GVFG
24 Maggio 2011 - 12:04AM
Shareholders of Gerova Financial Group Ltd. ("Gerova" or the
"Company") (Pink Sheets:GVFG) are reminded of the securities class
action lawsuit filed against Gerova and certain of its officers.
The class action (11-cv-3081), pending in the United States
District Court for the Southern District of New York, is on behalf
of a class of purchasers of Gerova securities between January 8,
2010 and February 23, 2011 (the "Class Period"). The Complaint
alleges violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Gerova securities during
the Class Period and would like to serve as Lead Plaintiff for the
class, you have until July 5, 2011 to seek appointment from the
Court. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Rachelle R.
Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free. Those who
inquire by e-mail are encouraged to include their mailing address
and telephone number.
The Complaint alleges that throughout the Class Period,
defendants misrepresented or failed to disclose material adverse
facts about the Company's 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
labeling Gerova 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.
On February 23, 2011, the NYSE halted the stock at $5.28 citing
the need for "additional information relative to operations,
management restructuring, and business plans." Gerova's shares
were subsequently delisted.
The Pomerantz Firm, with offices in New York, Chicago, and
Washington, D.C., 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 70 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.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
888-476-6529 (ext. 237)
rrboyle@pomlaw.com
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