BOSTON, March 28, 2016 /PRNewswire/ -- Shares of PJT Partners Inc. ("PJT" or the "Company") (NYSE: PJT) have dropped precipitously following the announcement that a former managing director of the Company's Park Hill Group was arrested for fraud on March 28, 2016.
The managing director, Andrew Caspersen, was arrested for allegedly orchestrating tens of millions of dollars in investment fund fraud. The primary vehicle of the fraud was through solicitations for fictional deals claimed to be taking place between PJT and a private equity funds. The United States Securities and Exchange Commission (the "SEC") has filed a complaint against Mr. Caspersen. In the complaint, the SEC alleges that Mr. Caspersen took control of funds improperly and traded them on his personal accounts. According to a statement by Preet Bahara, the U.S. Attorney in Manhattan, "[t]o advance his $95 million fraud scheme, Caspersen allegedly put on a shameful charade – creating fake email addresses, setting up misleading domain names, and inventing fictional financiers. When confronted by a suspicious client who had invested $25 million, Casperson had no good answers." In addition to the SEC charges, Mr. Caspersen has been charged by Bahara with securities and wire fraud. The firm has commenced an internal investigation of the alleged wrong-doing.
Upon the news of managing director Caspersen's arrest and alleged fraud, shares of PJT declined as much as $9.50 per share, reaching a 52 week low of $19.96.
Based on the recent announcements, Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether the Company and its officers and directors may have violated federal securities laws. Block & Leviton represents a number of the nation's largest institutional investors, has offices in Boston and the Bay Area and has recovered more than a billion dollars for its clients.
If you purchased or otherwise acquired PJT securities on or before March 28, 2016, and have questions about your legal rights or possess information relevant to this investigation, please contact either attorney Steven Harte at (617) 398-5600 or email him at Steven@blockesq.com. Confidentiality to whistleblowers or others with relevant information is assured.
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BLOCK & LEVITON LLP
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Boston MA 02110
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SOURCE Block & Leviton LLP