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Wites & Kapetan, P.A. Files Class Action Lawsuit Against Cryptsy and Its Principal Paul (“Big Vern”) Vernon

Bit coins CRYPTSY lawsuit

Wites & Kapetan, P.A. (www.wklawyers.com), along with the Silver Law Group, has filed a nationwide class action lawsuit in federal court against Florida-based cryptocurrency exchange operator Cryptsy and its principal, Paul (“Big Vern”) Vernon.  Over the past several months, numerous Cryptsy account holders have been denied access to their accounts and have been deprived of any ability to properly protect their valuable assets amidst widespread reports of problems at the heart of Cryptsy’s business.  While reports have been swirling in multiple media outlets that Cryptsy’s future is greatly troubled and that the company might be under heavy regulatory scrutiny, many Cryptsy account...

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CLASS ACTION LAWSUITS; WHAT ARE THEY GOOD FOR?

People with small claims often never get their day in court, even if their case is a slam dunk. Imagine that you are overcharged for a good or service,  and the overcharge was only five dollars, or even $500.  Would you be willing to pay a lawyer $300 per hour to pursue your case?  Do you think a lawyer would take this case on a contingency fee? The obvious answer is no.  And, while a five dollar overcharge may not be meaningful to one person, when a big company overcharges tens of thousands of customers five dollars a month, it...

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WITES & KAPETAN ANNOUNCES INVESTIGATION OF MAGNACHIP SEMICONDUCTOR CORPORATION (MX)

On March 11, 2013 after the market closed, MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX) disclosed in a filing with the Securities and Exchange Commission (SEC) that as a result of incorrectly recognizing revenue, the Company will be restating its financial statements for each of the fiscal quarters and years in 2011 and 2012 and the first three quarters in 2013.   The Company’s SEC filing states, in pertinent part, as follows: “On March 6, 2014, the Audit Committee of the Company’s Board of Directors determined that the Company incorrectly recognized revenue on certain transactions and as a result will...

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WITES & KAPETAN ANNOUNCES INVESTIGATION OF CHEFS’ WAREHOUSE, INC. (CHEF)

On January 27, 2014 after the market closed, Chefs’ Warehouse, Inc. (“Chefs’ Warehouse” or the “Company”) (Nasdaq: CHEF) issued a press release announcing that the Company expects fiscal 2013 financial results to be below its previously announced guidance. Additionally, the Company disclosed that its fourth quarter results were negatively impacted by “a significant charge related to an accounting issue” involving its Michaels’ Finer Meats subsidiary.  The press release also states “[i]n regard to the accounting issue, the Company has determined that an employee involved  in the financial reporting process at its Michaels’ Finer Meats subsidiary acquired in August 2012, deliberately made unsupported...

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INVESTIGATION OF AEGERION PHARMACEUTICALS, INC.

A class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Aegerion Pharmaceuticals, Inc. (Nasdaq:AEGR) securities between March 15, 2012 and January 9, 2014. The complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that Aegerion marketed its drugs in violation of the Federal Food Drug and Cosmetic Act. It is alleged that as a result of these violations, the Company exposed itself to heightened regulatory scrutiny by the FDA and other governmental bodies, and that Aegerion’s statements regarding the Company’s business,...

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INVESTOR ALERT: WITES & KAPETAN ANNOUNCES INVESTIGATION OF INVESTOR LOSSES IN NET 1 UEPS TECHNOLOGIES, INC., AND CLASS ACTION LAWSUIT

On December 4, 2012, Net 1 UEPS Technologies, Inc. (“Net 1” or the “Company”) (NASDAQ: UEPS) disclosed that it was under investigation by the U.S. Department of Justice, Criminal Division and the Division of the Enforcement of the Securities and Exchange Commission to determine whether the Company has “violated provisions of the Foreign Corrupt Practices Act and other U.S. federal criminal laws by engaging in a scheme to make corrupt payments to officials of the Government of South Africa in connection with securing a contract with [the] South African Social Security Agency (“SASSA”) to provide social welfare and benefits payments.”   Following...

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INVESTOR ALERT: KAPLAN FOX AND WITES & KAPETAN REMIND INVESTORS OF DECEMBER 27, 2013 DEADLINE IN NQ MOBILE CLASS ACTION

Kaplan Fox and Wites & Kapetan remind investors that December 27, 2013 is the deadline to move the Court to serve as the lead plaintiff in the pending class action lawsuits against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ). The case is pending in the United States District Court for the Eastern District of Texas (Case No. 2:13-cv-01048).  A copy of the complaint may be obtained from Kaplan Fox, Wites & Kapetan, or the Court. If you are a member of the proposed Class, you may move the court no later than December 27, 2013 to serve as a lead plaintiff for the proposed Class. You need not seek to...

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Kaplan Fox and Wites & Kapetan File Securities Class Action on Behalf of Purchasers of NQ Mobile American Depositary Shares During the Period May 5, 2011 and October 24, 2013

Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) and Wites & Kapetan, P.A. (www.wklawyers.com) have filed a class action suit against NQ Mobile, Inc. (“NQ Mobile” or “Company”) (NYSE: NQ), and certain officers and directors of the Company, alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 on behalf of purchasers of NQ Mobile ADRs during the period May 5, 2011 through October 24, 2013, inclusive (the proposed “Class”), including investors who purchased ADRs in the May 2011 IPO underwritten by Piper Jaffray & Co., Oppenheimer & Co., and Canaccord Genuity. The complaint alleges that NQ Mobile,...

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INVESTOR ALERT: WITES & KAPETAN ANNOUNCES INVESTIGATION OF OSI SYSTEMS, INC.

On December 5, 2013, after the market closed, OSI Systems, Inc. (Nasdaq: OSIS) announced that its security division, Rapiscan Systems, was notified by the U.S. Transportation Security Administration (“TSA”) that a delivery order placed with Rapiscan on September 26, 2013 for Advanced Technology X-Ray (AT-2) based systems was being terminated for default.  As a result, the Company said it has de-booked the order which had a value of approximately $60 million.   The next trading day, December 6, 2013, shares of OSI Systems’ common stock declined by $6.97 per share, nearly 10%, to close at $64.75 per share. On December 9, 2013, OSI Systems issued a press release,...

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INVESTOR ALERT: WITES & KAPETAN ANNOUNCES INVESTIGATION OF BARNES & NOBLE, INC.

On July 29, 2013, Barnes & Noble, Inc. (“Barnes & Noble” or the “Company”) (NYSE: BKS) restated its financial results.  Following this news, shares of the Company’s common stock price declined by $0.85 per share, or 4.6%, to close at $17.56 per share on July 29, 2013. Then, on December 6, 2013, Barnes & Noble revealed that the Securities & Exchange Commission (“SEC”) has begun an investigation into the Company’s restatement of earnings announced on July 29, 2013.  The SEC investigation is also looking into a former non-executive employee’s allegation that the Company improperly allocated certain expenses between its NOOK...

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