SAN FRANCISCO, March 2, 2021 / PRNewswire / – Hagens Berman urges investors in the Infinity Q Diversified Alpha Fund (IQDAX; IQDNX) (the “Fund”) who are experiencing significant losses to report their losses now. A securities fraud class action was filed after advisor Infinity Q Capital Management announced it would close the fund. Certain investors may have valuable claims.
School lesson: December 21, 2018 – – February 22, 2021
Deadline of the main plaintiff: April 27, 2021
Contact an attorney now: [email protected]
Security fraud class action by the Infinity Q Diversified Alpha Fund (IQDAX; IQDNX):
The complaint alleges that the defendants misrepresented and concealed the fact that (1) the fund’s chief investment officer manipulated variables used to value key fund assets, and (2) the fund and its advisor were unable to correctly calculate the fund’s net asset value as a result (“NAV”), (3) previously reported NAVs were unreliable, and (4) due to the foregoing, the Fund would stop redemptions and liquidate assets.
The truth emerged on February 22, 2021when the advisor and the fund filed an application with the SEC for permission to suspend redemption of fund shares. The motion also stated that the Fund should be partially liquidated as the impact of the CIO’s “adjustments” on models used to value certain swap instruments could not be determined.
On the same day, Bloomberg published an article titled “Mutual Fund Locks Founders Out Of SEC Issues After Pricing,” which reported that the fund’s advisor (1) had denied founders, majority owners and CIO James Velissaris access to accounts and trading and (2)) had verified that Velissaris had in fact accessed and changed the third-party valuation models that relate to hundreds of millions of dollars in swaps.
“We are focusing on investor losses and proving that the defendants intentionally increased the fund’s net asset value,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an Infinity Q Diversified Alpha Fund investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about the Infinity Q Diversified Alpha Fund should review their options to help with the investigation or to use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email to:[email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP