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The case was technically dismissed with leave to amend. When the SEC files claims, the private securities fraud class cases are always changed as more information is collected — and some or all of the targets agree to settle with the SEC. And I believe they will make the necessary changes.
Much of Mr. O’Rourke’s behavior during that time span [for example, selling virtually all of his vested stock — at $28.60/share, though (certainly) in possession of material inside knowledge (he fired the auditors four days later! ), back on December 30, 2017] can, in my view, be re-pled — to prove the requisite clear intent to materially deceive, here.
I believe Plaintiff has alleged enough evidence to prove that Honig engaged in fraudulent conduct that falls within the scope of Section 10(b) and Rule 10b 5. The Complaint claims that as one of Riot’s major shareholders, Honig failed to “promptly” disclose substantial changes in his ownership of Riot’s stock during the Class Period as required by SEC reporting requirements. When an individual acquires beneficial ownership of “more than 5%” of a company’s registered stock, he must file a schedule with the SEC under Section 13(d) of the Exchange Act and SEC Rule 13d-1. 240.13d-1, 17 C.F.R….”
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The SEC has listed several people in a microcap stock fraud indictment involving the manipulation of stock prices of three firms, including Boca Raton businessman Barry Honig. According to the SEC, Honig and others used a “modern pump-and-dump” strategy to inflate the stock prices of the companies before selling them. After the scheme was uncovered, investors were left with deflated stock.
Honig and his associates are accused of then selling their stocks at inflated rates, making millions at the detriment of other investors. Honig, Frost, and their partners made more than $27 million from this scheme.
The federal securities laws’ antifraud, beneficial ownership disclosure, and registration provisions were allegedly violated by these companies and individuals. The Securities and Exchange Commission is seeking monetary and equal relief.
BioZone’s CEO was Maza, and its chief scientific officer was Keller. MGT Capital Investments’ CEO was Ladd. Frost was a part of the BioZone and MabVax stock schemes. These three companies were not charged by the SEC.
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It appears that Riot Blockchain Inc. will be found in violation of its agreement with investor Barry C. Honig. According to a civil lawsuit filed in federal court in New York on April 3, the crypto mining firm owes him at least $728K in legal fees.
Mr. Honig has been the subject of several litigation relating to suspected securities fraud involving Riot in 2018. Honig used the example of a recently completed SEC investigation into Riot as an example. He is, however, the target of a potential shareholder class action in New Jersey, as well as five different shareholder derivative actions.
In the contracts at issue in this action, defendant agreed that any conflicts arising out of or in connection with the parties’ agreements at issue in this proceeding would be resolved exclusively by the state or federal courts in New York, and specifically waived any challenge to this Court acting as a convenient venue.
The agreements are written in black and white… Riot owes Mr. Honing an indemnification for the legal costs he has paid in the numerous cases and has failed to do so, and compelling us to go to trial is, simply, a waste of Riot shareholders’ capital.
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Zinke is also a member of the company’s board of directors, U.S. Gold Corp. (Nasdaq: USAU). It owns mineral properties in Nevada and Wyoming that have yet to be built. Zinke will be paid $90,000 a year in cash and shares, plus up to $30,000 in expenses, according to a Securities and Exchange Commission statement. According to his consultancy arrangement, he would provide the organization with investor relations, government relations, and other activities.
In May 2017, U.S. Gold went public by merging with Dataram Corp., a struggling manufacturer of computer memory products whose stock was traded on the Nasdaq.
Barry C. Honig, a financier who has formed or backed hundreds of small public corporations over the last decade, orchestrated the so-called reverse merger.
We also discovered that many of U.S. Gold’s top executives had previously served as officers or directors of other companies funded by Honig’s company, none of which had generated long-term profits for ordinary shareholders.
Last September, the SEC filed fraud charges against Honig, Stetson, and 18 other individuals and organizations in connection with three other public corporations’ suspected “pump and dump” schemes.
According to the lawsuit, the company concealed the ownership of those businesses, refused to report major stock purchases, manipulated stock values, and illegally paid writers to write false advertising posts.