Business & Finance
Thu, March 31, 2011Wed, March 30, 2011Tue, March 29, 2011Mon, March 28, 2011Sun, March 27, 2011Fri, March 25, 2011Thu, March 24, 2011Wed, March 23, 2011Tue, March 22, 2011Mon, March 21, 2011Wohl & Fruchter Initiates Investigation into Gerova Financial Group, Ltd.
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Published in Business and Finance on Friday, March 25th 2011 at 5:15 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
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NEW YORK--([ BUSINESS WIRE ])--The law firm of Wohl & Fruchter LLP has commenced an investigation into possible financial misconduct at Gerova Financial Group, Ltd. (Gerova) (NYSE:GFC).
"evaluating both the need for further disclosure, as well as the overall suitability for continued listing of the Companya™s securities."
In early January, 2011, Gerova was the subject of reports by a Forbes columnist and Dalrymple Finance LLC (an investment advisory firm that held a short position in Gerova) tying the company to individuals involved in fraud at other firms and suggesting market manipulation and diversion of company funds.
On February 10, Gerova announced the resignation of the Chairman of its board of directors, four other board members and its acting CEO, and reported the appointment of a successor Chairman. On February 15, Gerova disclosed that the successor Chairman had withdrawn his name from consideration.
On February 23, the New York Stock Exchange halted trading in shares of Gerova, announcing that it was aevaluating both the need for further disclosure, as well as the overall suitability for continued listing of the Companya™s securities.a In the month before the trading halt, Gerovaa™s shares had lost approximately 75% of their value.
Additional information is available at [ www.wohlfruchter.com/cases/gfc ].
Investors who purchased shares of Gerova at any time prior to February 23, 2011 may be able to assert claims for all or part of their losses.
Persons with information relating to possible financial misconduct at Gerova, and Gerova shareholders who have suffered losses on their investment, are invited to contact our Firm.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, [ www.wohlfruchter.com ], to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.