| Company: | Gerova Financial Group |
| Ticker Symbol: | GFC |
| Class Period: | Jan-8-10 to Feb-23-11 |
| Date Filed: | May-13-11 |
| Lead Plaintiff Deadline: | Jul-12-11 |
| Court: | Southern District of New York |
| Allegations: | |
The Complaint alleges that throughout the Class Period, defendants misrepresented or failed to disclose material adverse facts about the Company' business, operations, and prospects, including 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' top executive officers.
On January 10, 2011, Dalrymple Finance LLC published a report critical of Gerova, labeling it 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 four percent, to close at $26.98. On February 10, 2011, after the market closed, the Company announced the resignation of some its officers and directors including the Company' chief executive officer. On this news, Gerova' shares declined by $9.31, or 59 percent, over 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."On April 18, 2011, Gerova announced its intention to delist from the NYSE.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
