{"id":5088,"date":"2010-11-10T00:00:00","date_gmt":"2010-11-10T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2010\/11\/court_rejects_defendants_chall_1"},"modified":"2022-04-03T16:27:15","modified_gmt":"2022-04-03T21:27:15","slug":"court-rejects-defendants-chall-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/court-rejects-defendants-chall-1\/","title":{"rendered":"Court Rejects Defendants\u2019 Challenge to Poptech LP\u2019s Lead Plaintiff Status in Class Securities Fraud Lawsuit"},"content":{"rendered":"

The U.S. District Court for the District of Connecticut has rejected defendants Stewardship Investment Advisors LLC and Marlon Quan’s challenge to the appointment of Poptech LP as the lead plaintiff in a class securities fraud lawsuit<\/a> filed by investors. The plaintiffs are accusing the investment firm and Quan of violating federal securities law antifraud proscriptions by allegedly misrepresenting that the fund would employ certain investment strategies. The fund is also accused of investing the majority of its assets in a Thomas Petters-operated Ponzi scam. Poptech, not long after filing its class securities lawsuit, published notice in Business Wire<\/strong> stating that there wasn\u2019t a dispute that the notice appropriately notified members of the proposed class about the pending action and the purported class period.<\/p>\n

In their challenge, the defendants argued that the notice did not satisfy Private Securities Litigation Reform Act requirements, including failing to completely and \u201cadequately\u201d notify proposed class members of all the claims asserted in the complaint, not providing enough details about the defendants\u2019 alleged misrepresentations, and failing to \u201cadequately facilitate\u201d additional action and inquiry by potential members. The court, however, found that the PSLRA requires just a \u201creasonably detailed summary\u201d of claims made.<\/p>\n

Shepherd Smith Edwards & Kantas LTD LLP Founder and Securities Fraud Lawyer William Shepherd <\/a>had this to say about the ruling: \u201cIf this Court\u2019s decision survives appeal, it could be helpful to victims of securities fraud. Some courts have carried \u2018pleading securities fraud with particularity\u2019 to extremes before discovery could even begin. Also, while these pleading requirements apply to class action litigation, many judges have been requiring absurd pleading requirements in all types of securities actions. Hopefully, fewer defrauded investors will be thrown out of court in the future based on pleading technicalities.\u201d<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. District Court for the District of Connecticut has rejected defendants Stewardship Investment Advisors LLC and Marlon Quan’s challenge to the appointment of Poptech LP as the lead plaintiff in a class securities fraud lawsuit filed by investors. The plaintiffs are accusing the investment firm and Quan of violating federal securities law antifraud proscriptions […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804,3752,3792,3964],"tags":[],"class_list":["post-5088","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-financial-firms","category-ponzi-scams","category-stewardship-investment-advisor"],"yoast_head":"\nCourt Rejects Defendants\u2019 Challenge to Poptech LP\u2019s Lead Plaintiff Status in Class Securities Fraud Lawsuit — Investor Lawyers Blog — November 10, 2010<\/title>\n<meta name=\"description\" content=\"The U.S. District Court for the District of Connecticut has rejected defendants Stewardship Investment Advisors LLC and Marlon Quan's challenge to the — November 10, 2010\" 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