Cyan Securities Litigation
- Provides information in regards to the class action lawsuit against Cyan Securities
- The court ordered that the plaintiff’s complaints be consolidated on June 4, 2014 and on June 13, 2014 the amended and made a consolidated complaint
- Class members claim violation of the securities Act, section 12(2) (a) and 11 against the defendants (aka Cyan) as well as the violation of the securities Act, section 15
- All class member who opt to stay in the lawsuit will be represented by Dowd LLP and Robbins Geller Rudman as counsels to the class.
The lawsuit is a securities class action and anyone who procured stock from Cyan, the defendant between May 9, 2013 and November 4, 2013. The plaintiffs in this case are Beaver County Employees Retirement Fund, Delaware County Employees Retirement System, Jennifer Fleischer and the Retirement Board of Allegheny County who filed complaints on different dates.
The plaintiff’s complaint stated that the defendant’s prospectus and registration statement did not warn potential investors that their key projects were almost winding down. The plaintiff’s argument goes on to state that the defendant ought to have made it known that the revenues were expected to go down rather than merely disclosing generalized information. The defendants on the other hand believe that the prospectus disclosed the risks involved in their project.
The court identifies the class as anyone who purchased the stock between May 9, 2013 and November 4, 2013 with an exception of non-registered shares acquired through private transactions.
Those who are excluded from the class are the defendants, their assigns and respective successors, past and current directors and officers of Cyan, immediate family members of any individual defendants, entities or organizations owned by the above mentioned persons and anyone who convinces the court they should be excluded from the class. Any request for exclusions should be made before or on August 7, 2015 through the class counsel. As a class member, if you decide to stay then all you have to do is wait for the outcome since it will cost you nothing.
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