NEW YORK, Dec. 1 /PRNewswire/ -- On November 5, 2009, the Honorable Royal Furgeson consolidated actions 09-cv-01568 and 09-cv-01646 pending in the United States District Court for the Northern District of Texas (Dallas Division), establishing a consolidated action, Billitteri v. Securities America, Inc., et al. (Provident Royalties Litigation) and appointed Zwerling, Schachter & Zwerling, LLP ("ZSZ") as Interim Co-Lead Plaintiffs' Counsel. The firm of Girard Gibbs LLP was also named Interim Co-Lead Plaintiffs' Counsel.

ZSZ has been retained by clients to pursue claims of securities fraud involving Dallas-based Provident Royalties, LLC. ZSZ previously filed a class action on behalf of all persons and entities who, from September 1, 2006 until January 31, 2009 (the "Class Period"), purchased or acquired partnership interests, preferred stock, or other securities issued by certain affiliates of Provident Royalties LLC, including corporations designated as "Provident Royalties" or "Shale Royalties." The securities were sold by various broker-dealers through a series of 21 private placement offerings (the "Offerings"). Investors were promised a high rate of return and told that their funds would be invested in the oil and gas business, including acquiring real estate, oil and gas leases and mineral interests, and conducting exploration and development activities. The complaint alleges that investors were not told, among other things, that their funds were commingled with funds received from other investors in connection with other Offerings and that later investors' funds were used to pay "dividends" and "returns of capital" to earlier investors in the Provident companies.

Another action involving those who purchased or otherwise acquired various Provident Royalties-related securities was recently filed in the United States District Court for the District of Idaho on November 25, 2009. The deadline for filing a motion to seek appointment as a lead plaintiff in that action is January 25, 2010.

If you wish to discuss either of these cases or any Provident Royalties-related matters or have any questions concerning your rights and interests with respect to the pending actions, please contact ZSZ (Shaye Fuchs, Esq.) at (800) 721-3900 or by e-mail at sfuchs@zsz.com. You may also visit our website at www.zsz.com.

ZSZ concentrates in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York, Garden City, N.Y., and Seattle. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to securities class action litigation.

SOURCE Zwerling, Schachter & Zwerling, LLP

Back to top

RELATED LINKS
http://www.zsz.com