Investors seek damages from National Securities over alleged loss of investment in Beamreach Solar

By Noddy A. Fernandez | Dec 21, 2018

SEATTLE (Legal Newsline) – Investors have filed a class-action lawsuit against a broker-dealer corporation over allegations their investments in a solar energy company were a total loss.

James Ginzkey, Richard Fitzgerald, Charles Cerf, Barry Donner, and on behalf of class members filed a complaint on Dec. 10 in the U.S. District Court for the Western District of Washington against National Securities Corp. alleging negligence and other counts.

According to the complaint, in February 2015, National Securities Corp. began acting as a placement agent for Beamreach Solar's Series D securities. Beamreach is a California solar energy production company, the suit states.

The plaintiffs allege the offerings they purchased were in Series D round and consisted of preferred stock. They each allege they invested several thousand dollars in Beamreach offerings and their investment resulted in a total loss.

"By approving of the sale of the Beamreach offerings to its clients notwithstanding the numerous red flags identified herein, NSC demonstrated that it failed to understand the risks and rewards of the Beamreach offerings, or consciously ignored the risks presented by these red flags in order to ensure it maximized its placement agent fees and commissions," the suit states.

The plaintiffs request a trial by jury and seek judgment for compensatory and statutory damages, attorneys' fees, pre- and post-judgment interest, and such further relief as the case may require. She is represented by David Neuman of Israels Neuman PLC in Bellevue, Washington.

U.S. District Court for the Western District of Washington case number 2:18-cv-01773-RSM

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Israels Neuman, PLC U.S. District Court for the Western District of Washington

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