{"id":5577,"date":"2014-01-14T00:00:00","date_gmt":"2014-01-14T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/01\/securities_fraud_court_matters"},"modified":"2022-05-05T12:37:15","modified_gmt":"2022-05-05T17:37:15","slug":"securities-fraud-court-matters","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-court-matters\/","title":{"rendered":"Securities Fraud Court Matters"},"content":{"rendered":"\n

While a district court allowed the securities fraud <\/a>claims brought under securities law against LightSpeed Environmental, Inc. & other defendants to go forward, the claims brought against the company under Section 12(a)(2) of the Securities Act were thrown out. The securities case is Wang v. LightSpeed Environmental, Inc.<\/em><\/p>\n

The court said that while the plaintiff, Tonglin Wang, sufficiently alleged justifiable reliance, specific misrepresentations, and scienter, so that certain claims could proceed, he did not succeed in his claims that there was a prospectus or a public offering or that there was any verbal exchange made about the prospectus.<\/p>\n

Wang is a Chinese businessman who wanted to invest in a US entity to obtain immigration status here via a federal program. In 2011, two individuals, who were LightSpeed agents (Wang did not know this), purportedly told him they would act as his translators and advisors. He then was introduced to David Tarrant, CEO of ASG. He had the majority of voting shares in LightSpeed. <\/p>\n

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

While a district court allowed the securities fraud claims brought under securities law against LightSpeed Environmental, Inc. & other defendants to go forward, the claims brought against the company under Section 12(a)(2) of the Securities Act were thrown out. The securities case is Wang v. LightSpeed Environmental, Inc. The court said that while the plaintiff, […]<\/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":[3741],"tags":[],"class_list":["post-5577","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nSecurities Fraud Court Matters — Investor Lawyers Blog — January 14, 2014<\/title>\n<meta name=\"description\" content=\"While a district court allowed the securities fraud claims brought under securities law against LightSpeed Environmental, Inc. & other defendants to — January 14, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-court-matters\/\" \/>\n<meta name=\"twitter:card\" 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