DENVER (Legal Newsline) – A retirement system alleges it purchased artificially inflated stock in a video commerce corporation between 2015 and 2016.
Bristol County Retirement System filed a complaint individually and on behalf of all others similarly situated on Sept. 6 in the U.S. District Court for the District of Colorado against Qurate Retail Inc., Michael A. George, Gregory B. Maffei, Darrel Cavens and Thaddeus Jastrzebski alleging violation of the Exchange Act.
According to the complaint, the plaintiff is seeking to represent a class who acquired Qurate securities between Aug. 5, 2015, and Sept. 7, 2016. The plaintiff alleges the defendants made statements that were false and misleading regarding growth and when 2016 second-quarter sales results were revealed, stock prices fell more than 21 percent. The suit states stock prices fell again in September 2016 to $19.59 per share after a conference.
The plaintiff alleges it and the class have been damaged.
The plaintiff holds Qurate Retail Inc., George, Maffei, Cavens and Jastrzebski responsible because it allegedly paid inflated prices for Qurate securities because of the defendant's untrue statements or omission of material facts.
The plaintiff requests a trial by jury and seeks damages, interest, costs, attorneys' fees, equitable/injunctive or other relief the court may deem just and appropriate. It is represented by Ivy T. Ngo of Franklin D. Azar & Associates PC in Aurora, Colorado and Guillaume Buell of Thornton Law Firm LLP in Boston, Massachusetts.
U.S. District Court for the District of Colorado case number 1:18-cv-02300-MEH