Category Archives: General Legal News

General Legal News and Legal Settlements

ON DECK CAPITAL LAWSUIT (ONDK)

Securities Class Action Lawsuit Against On Deck Capital

Gilman Law LLP announces that a class action lawsuit has been filed against On Deck Capital, Inc. (“On Deck” or the “Company”) (NASDAQ: ONDK), certain of its officers, and the underwriters of the Company’s initial public offering of common stock in December, 2014 (the “IPO”), in the United States District Court for the Southern District of New York on behalf of a class of persons who purchased or otherwise acquired On Deck securities pursuant and/or traceable to On Deck’s IPO. The class action alleges violations of the federal securities laws under the Securities Exchange Act of 1933 (the “1933 Act”).

The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose information in the Company’s registration statement issued in connection with the IPO relating to the true rate of default for and the true value of the Company’s loan portfolio, specifically that the loan portfolio default rate was steadily increasing and the loan portfolio value was in material decline.

The Company raised approximately $240 million in the IPO pursuant to the issuance of 11,500,000 shares at an offering price of $20 per share. After reports of increasing default rates in its loan portfolios and the declining value of its business model, On Deck common stock dropped to a low of $11.15 per share on July 1, 2015, only six months after the IPO. The drop represents a decline of over 40% from the IPO price and of over 60% from its almost $29 per share high on December 18, 2014. The Company’s stock price has declined further closing at on August 4, 2015 at $10.47 per share.

On Deck Capital Lawsuit

On Deck Capital Lawsuit

About Our Investment Fraud Attorneys
TheSecurities Fraud Attorneys at Gilman Law have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breach of fiduciary duty and other shareholder disputes.For a free evaluation of your case or to obtain additional information, please complete the Investor Certification or CALL TOLL FREE (888) 252-0048.

LUMBER LIQUIDATORS LAWSUIT

Lumber Liquidators (LL) Lawsuits

Gilman Law LLP, a leading national law firm with over 40 years of experience protecting the rights of

shareholders and consumers, is continuing its investigation into reports that laminate flooring sold by

Lumber Liquidators and installed in millions of homes across the country is contaminated with

dangerous amounts of formaldehyde. The Firm has already filed a Lumber Liquidators lawsuit that,

among other things, claims the Company’s directors failed to comply with their fiduciary duties in

connection with applicable laws and regulations pertaining to formaldehyde emissions from composite

wood products. Gilman Law LLP is also offering free Lumber Liquidators lawsuit evaluations.

Lumber Liquidators is the nation’s largest retailer of hardwood flooring, the Company and its investors

stand to incur significant damages as a result of the concerns surrounding the Company’s laminate

flooring products. If you are among them, please contact Gilman Law LLP today to learn more about

filing a Lumber Liquidators lawsuit.

Gilman Law Fiduciary Duty Lawsuit

In March 2015, Gilman Law LLP filed a Lumber Liquidators derivative lawsuit against the Company’s

board of directors, including former CEO Robert Lynch, for allegedly breaching their fiduciary duties in

connection with their failure to oversee the operations of the Company as they relate to the

manufacture and sale of their wood laminate products, as well as the import and trade of illegally

sourced lumber from the Russian Far East in violation of the Lacey Act. In addition, the complaint

challenges the alleged unlawful insider selling of tens of millions of dollars of Lumber Liquidators stock

by certain members of the Board during a time when the stock was allegedly inflated due to a failure of

the Company’s management to properly disclose the activities of and accurate financial information

regarding the Company. The complaint, which is currently pending in Delaware Court of Chancery,

seeks damages on behalf of the Company arising from and incurred and to be incurred in connection

with pending federal securities lawsuits, consumer product liability lawsuits, and investigations by

various federal agencies, including arms of the U.S. Department of Justice.

Lumber Liquidators Products Liability Lawsuits

Lumber Liquidators has been named a defendant in dozens of product liability lawsuits involving its

laminate flooring products. This litigation began to grow after 60 Minutes aired a report focusing on the

excessive formaldehyde levels contained in certain laminate flooring Lumber Liquidators purchased

from manufacturers in China. Among other things, the report noted that certified testing of laminate

wood flooring purchased from Lumber Liquidators locations in Virginia, Florida, Texas, Illinois, and New

York revealed levels of formaldehyde that exceed those permitted by the California Air Resources Board

(CARB). In addition, 60 Minutes reported that employees at certain Chinese manufacturers “openly

admitted” that they use materials with higher levels of formaldehyde and falsely label Lumber

Liquidators’ laminate flooring as “CARB Phase 2 Compliant.”

At low levels, formaldehyde exposure can cause a number of serious health problems, including

respiratory issues, asthma, and irritation of the eyes, nose and throat. Higher levels of formaldehyde

have been linked to various types of cancer, including myeloid leukemia and nasopharyngeal cancer. 60

Minutes noted that children may be more susceptible to formaldehyde-related health issues, as they are

more likely to come into close contact with the Lumber Liquidators flooring.

Lumber Liquidator Lawsuit Reviews

For a no-obligation evaluation of your potential case, please fill out our free consultation form or call

Gilman Law LLP direct to speak with one of our attorneys at (888) 252-0048.

AUDIOEYE, INC. LAWSUIT (AEYE)

Class Action Lawsuit Against Audioeye, Inc. on Behalf of Audioeye, Inc. Investors

JOIN THE AUDIOEYE, INC. LAWSUIT CLICK HERE TO RECOVER YOUR LOSSES AND OBTAIN AN INVESTOR CERTIFICATION

Audioeye, Inc. Lawsuit Details
On April 21, 2015 a federal securities class action law suit was filed on behalf of investors in AudioEye, Inc. (NASDAQ: AEYE)) common stock. The complaint alleges that AudioEye made false and/or misleading statements and/or failed to disclose that, among other matters, the Company’s financials contained errors regarding classification of revenue. On April 1, 2015, AudioEye announced that its financial statements issued for the quarters ended March 31, June 40 and September 40, 2014 will be restated due to errors. AudioEye also stated that its preliminary earnings release issued by the Company on January 12, 2015 relating to the quarter and year ended December 31, 2014 should no longer be relied upon.

AUDIOEYE, INC. LAWSUIT

AUDIOEYE, INC. LAWSUIT

Legal Help for Audioeye, Inc. Investors
If you purchased or otherwise acquired shares of Audioeye, Inc., you may have legal claims under federal securities laws. You may contact Gilman Law LLP to discuss your rights to recovery of your losses or to obtain additional information.

About Our Investment Fraud Attorneys
The Securities Fraud Attorneys at Gilman Law have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breach of fiduciary duty and other shareholder disputes.

For a free evaluation of your case or to obtain additional information, please complete the Investor Certification or CALL TOLL FREE (888) 252-0048.

OHR PHARMACEUTICALS, INC. INVESTIGATION

Gilman Law LLP is Investigating OHR Pharmaceuticals, Inc. on Behalf of Purchasers of OHR Pharmaceuticals, Inc. Stock

About the OHR Pharmaceuticals, Inc.
The Investment Fraud Attorneys of Gilman Law LLP announce they are investigating potential federal securities law claims on behalf of investors in Ohr Pharmaceutical, Inc. (NASDAQ: OHRP) common stock.

OHR Pharmaceuticals, Inc. Details of Investigation
On March 27, 2015, Ohr Pharmaceutical announced the results of a mid-stage study of its lead drug, OHR-102. The study was designed to determine whether the drug could be used in tandem with the existing treatment, injectable eye drug Lucentis, to reduce the number of Lucentis injections patients required. But Ohr announced that there was no “meaningful” reduction in the number of injections required when OHR-102 was used, and that its study had thus failed its primary endpoint.

OHR Pharmaceuticals, Inc.

OHR Pharmaceuticals, Inc. Investigation

Legal Help for OHR Pharmaceuticals, Inc. Investors
If you purchased or otherwise acquired shares of OHR Pharmaceuticals, Inc., you may have legal claims under federal securities laws. You may contact Gilman Law LLP to discuss your rights to recovery of your losses or to obtain additional information.

About Our Investment Fraud Attorneys
The Securities Fraud Attorneys at Gilman Law have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breach of fiduciary duty and other shareholder disputes.

For a free evaluation of your case or to obtain additional information, please CALL TOLL FREE (888) 252-0048.

Nektar Therapeutics Investigation

NEKTAR THERAPEUTICS INVESTIGATION

Gilman Law LLP is Investigating Nektar Therapeutics on Behalf of Purchasers of Nektar Therapeutics Stock

About the Nektar Therapeutics Investigation
The Investment Fraud Attorneys of Gilman Law LLP announce they are investigating potential federal securities law claims on behalf of investors in Nektar Therapeutics (NASDAQ: NKTR) common stock.

Nektar Therapeutics Details of Investigation
On March 17, 2015, Nektar reported that results from a Phase 3 BEACON study of its experimental breast cancer drug, NKTR-102, failed to achieve the primary endpoint of overall survival.  Further, the study failed to achieve statistical significance in the secondary endpoints of objective response rate (ORR) and progression-free survival (PFS).

Nektar Therapeutics Investigation

Nektar Therapeutics Investigation

Legal Help for Nektar Therapeutics Investors
If you purchased or otherwise acquired shares of Nektar Therapeutics, you may have legal claims under federal securities laws. You may contact Gilman Law LLP to discuss your rights to recovery of your losses or to obtain additional information.

About Our Investment Fraud Attorneys
The Securities Fraud Attorneys at Gilman Law have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breach of fiduciary duty and other shareholder disputes.

For a free evaluation of your case or to obtain additional information, please CALL TOLL FREE (888) 252-0048.

YOUKU TUDOU LAWSUIT (YOKU)

Class Action Lawsuit Against Youku Tudou on Behalf of Youku Tudou Investors

JOIN THE YOUKU TUDOU LAWSUIT CLICK HERE TO RECOVER YOUR LOSSES AND OBTAIN AN INVESTOR CERTIFICATION

Lawsuit Details
Gilman Law LLP announced that a class action lawsuit has been filed on behalf of purchasers of the securities of Youku Tudou (NASDAQ: YOKU) between February 27, 2014 and March 19, 2015 under the federal securities laws.

Youku Tudou Lawsuit

Legal Help for Youku Tudou Investors
If you purchased or otherwise acquired shares of Youku Tudou, you may have legal claims under federal securities laws. You may contact Gilman Law LLP to discuss your rights to recovery of your losses or to obtain additional information.

About Our Investment Fraud Attorneys
The Securities Fraud Attorneys at Gilman Law have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breach of fiduciary duty and other shareholder disputes.

For a free evaluation of your case or to obtain additional information, please complete the Investor Certification or CALL TOLL FREE (888) 252-0048.

Chesapeake Energy Co-Founder Loses Chairmanship over Conflicts-of-Interest

The founder of Chesapeake Energy Corp. is under fire and has been forced out of his position as chairman of the company’s board of directors for what critics have characterized as serious personal conflicts-of-interests. Among other things, a Reuters’ investigation published in April reported that Aubrey McClendon had taken out as much as $1.1 billion in personal loans on ownership stakes in wells Chesapeake had given to him under a corporate perk called the Founders Well Participation Program. Adding to his conflicts, during part of his time as Chesapeake chairman and CEO, McClendon also ran a hedge fund that traded in the same commodities as the energy company.

According to Reuters, McClendon’s loans were never disclosed to shareholders. What’s more, EIG Global Energy Partners, McClendon’s biggest lender, was in negotiations with Chesapeake about purchasing some of the company’s assets.

About Chesapeake Energy

Chesapeake Energy is the second-largest natural gas producer in the U.S., and is a major developer of oil and gas reserves in Texas, Louisiana, West Virginia, and Pennsylvania. As a founder, McClendon was seen as a driving force behind Chesapeake’s emergence as the second-largest natural gas company in the country. But according to Reuters, shareholders have long complained about the freedom Chesapeake’s board had allowed McClendon to pursue his personal interests.

On May 2, the outcry over the loan disclosures finally forced Chesapeake’s board to act, and McClendon was stripped of his chairmanship. The board also voted to end the Founders Well Participation Program 18 months earlier than originally planned. McClendon, however, has been allowed to remain in his position as Chesapeake CEO.

The Chesapeake board’s decision, however, did end not of the controversy over McClendon’s personal financial dealings. That very same day, a new Reuters report revealed that he had also been operating a $200 million hedge fund that traded in the same commodities Chesapeake produces. The fund, Heritage Management Company LLC, was started by McClendon and Chesapeake co-founder Tom Ward. For at least four years, from 2004 to 2008, McClendon engaged in “near daily” communications and “exhaustive” calls to help direct the fund’s trading, according to Reuters. The fund also listed Chesapeake’s headquarters in Oklahoma City as its mailing address, and employed an accountant who was simultaneously employed by Chesapeake. McClendon and Ward both earned management fees and a cut of profits from the fund’s outside investors.

Chesapeake SEC Investigation

On May 9, yet another Reuters report revealed that in the weeks before he was stripped of his chairmanship, McClendon arranged an additional $450 million loan from EIG. The new loan, secured by Chesapeake wells that have yet to be drilled, as well as his own life insurance policy, brought McClendon’s financing from EIG since 2010 to $1.33 billion.

Chesapeake now faces U.S. Securities and Exchange Commission and IRS investigations, as well as several shareholder lawsuits, because of McClendon’s conduct. Senator Bill Nelson, D-Fla, has also asked his staff to formally request that the Justice Department’s Financial Fraud Enforcement Task Force investigate the Chesapeake Energy Corp. matter to determine whether there is evidence of fraud, price manipulation, conflicts-of-interest, or other illegal activities.

Legal Help for Chesapeake Investors or Employees

Current Chesapeake Shareholders, Chesapeake Employees, and Chesapeake Investors with investment losses are encouraged to contact our Securities Fraud Attorneys to discuss your rights to recovery. Our experienced Securities Fraud Attorneys offer Free Consultations to individuals or institutions with investment losses.

Contact an Experienced Securities Fraud Attorney

Gilman Law LLP A Leading National Law Firm

Why Gilman Law LLP? Gilman Law LLP is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. For 40 years our attorneys have recovered more than a billion dollars on behalf of our clients. Gilman Law LLP managing partner, Kenneth G. Gilman has extensive experience over the last 40 years in recovering funds related to fraudulent Ponzi schemes.

In 1985, Mr. Gilman was appointed by the United States District Court for the Southern District of Florida, as the Equity Receiver, to marshall and recover funds arising out of the massive Ponzi scheme known as the Intercontinental Commodity Pool Fraud. Mr. Gilman pursued and recovered assets for investors from all responsible parties, including the firm’s auditors. He also worked with the Department of Justice, international authorities in Switzerland and the Cayman Islands to penetrate bank secrecy laws and locate funds to which the investors were entitled.

He also worked with the U.S. Prosecutors to make certain that those who perpetrated the securities fraud were sentenced to jail for their crimes. From 1982 through 1985, Mr. Gilman also represented the Receiver in the massive nationwide Lloyd Carr Ponzi scheme. As part of that representation, he pursued responsible third parties as special counsel for the Department of Justice in Massachusetts Federal Court and in litigation nationwide.