video-02.png Scott Silver is the co-chairman of the Securities and Investment Fraud Group of the American Trial Lawyer's Association.
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Silver Law Group, a securities and investment fraud law firm announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Akers Biosciences, Inc. (Nasdaq: AKER) (“Akers” or the “Company”) securities during the period between May 15, 2017 and June 5, 2018, inclusive (the “Class Period”).  Investors who wish to serve as a lead plaintiff in the litigation have until August 13, 2018 to seek appointment as lead plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017, and it downplayed weaknesses in its internal controls over financial reporting.

According to the complaint, following a May 21, 2018 filing disclosing the Company’s continuing review of certain revenue recognition items, a May 29, 2018 press release announcing that a director had resigned, and a June 5, 2018 filing stating the previously filed Form 8-K made false statements regarding the director, the value of Akers shares declined significantly.

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Silver Law Group is currently representing investors who have been victims to Perry Santillo Jr. and his associates’ alleged $102 million Ponzi scheme.  Silver Law Group continues to investigate claims against Santillo and his associates’ businesses, including:

  • First Nationle Solution;
  • Percipience Global Corporation; and
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On June 19, 2018, the Securities and Exchange Commission (the “SEC”) shut down a $102 million Ponzi scheme and charged five (5) individuals and three (3) businesses with various securities laws violations.

The massive Ponzi scheme’s alleged orchestrators were all formerly registered with FINRA and employed by FINRA-registered firms, according to the SEC complaint. The following individuals were named in the SEC’s complaint:

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In January 2018, Menlo Therapeutics went public issuing over 8,000,000 shares of common stock at a public offering price of $17.00 raising over 125 million dollars.  NASDAQ lists Menlo’s stock under the ticker symbol “MNLO.”

Jefferies LLC, Piper Jaffray & Co. and Guggenheim Securities served as the lead underwriters.  Menlo’s stock price, MNLO, initially skyrocketed.  However, the stock recently plummeted after poor test results costing investors millions of dollars.

Contact Our Firm if You’ve Invested in Menlo Therapeutics (“MNLO”)

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Patrick H. Maddren

CRD#4665903

Silver Law Group is investigating Ft Lauderdale, Florida-based Westpark Capital Inc. broker Patrick H Maddren following a customer complaint alleging unauthorized trading, churning and unsuitable investment recommendations.

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Gaetano Magarelli

CRD#2227996

Silver Law Group is investigating Boca Raton, Florida-based Newbridge broker Gaetano Magarelli following multiple customer complaints alleging unsuitable investment recommendations, churning and misrepresentation

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Alexander Kibrik

CRD#5556827

Silver Law Group is investigating Former New York, New York-based Garden State Securities broker Alexander Kibrik following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.

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Casey T. Rodriguez

CRD#4870499

Silver Law Group is investigating former Farmingdale, New York-based Active Capital broker Casey T. Rodriguez, after customer allegations of misrepresentation, unsuitable recommendations and churning where received by FINRA. Later in 2017, he was suspended for his failure to respond to an official request for information.

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Samuel B Rankin

CRD#811491

Silver Law Group is investigating Charlotte, North Caroline-based UBS Financial Services broker Samuel Rankin following a customer complaint alleging unsuitable investment recommendations.

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Leon P. Rehak

CRD#2331058

Silver Law Group is investigating Pompano Beach, Florida-based LPL Financial broker Leon Rehak, after multiple customer allegations of misrepresentation and unsuitable recommendations were received by FINRA.

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