NEW YORK, June 6, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Och-Ziff Capital Management Group LLC ("Och-Ziff" or the "Company") (NYSE: OZM) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-3251, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Och-Ziff securities between February 9, 2012 and April 25, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Och-Ziff securities during the Class Period, you have until July 7, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Och-Ziff is a publicly owned investment management company that was founded in 1994 and is based New York, New York with additional offices in London, United Kingdom; Hong Kong; Tokyo, Japan; Bangalore, India; and Beijing, China.
The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company violated relevant anti-bribery laws by accepting an investment from the Libyan Investment Authority, a sovereign wealth fund; (ii) the Company loaned $234 million to help finance two ventures in the Democratic Republic of Congo in violation of the Foreign Corrupt Practices Act ("FCPA"); (iii) beginning in 2011, the Company received subpoenas from the Securities and Exchange Commission ("SEC") and the United States Department of Justice ("DOJ") in connection with the transactions mentioned above; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On February 3, 2014, the Wall Street Journal ("WSJ") reported that the U.S. Department of Justice (the "DOJ") joined a widening investigation of banks, private-equity firms and hedge funds, including Och-Ziff, relating to the possible violation of anti-bribery laws in their dealings with Libya's government-run investment fund. The article also stated that the criminal investigation by the DOJ was proceeding alongside a civil probe by the SEC that began in 2011.
On the news, Och-Ziff stock fell $0.87, or 6.7%, to close at $12.08 on heavy volume.
On April 27, 2014, the WSJ published an article providing details about the Och‑Ziff investments in Africa under investigation by the SEC and DOJ. The article stated that the probe centered on two loans totaling $234 million, to companies controlled by a controversial mining executive, which helped finance two ventures in the Democratic Republic of Congo involving properties that were the subject of ownership disputes.
On this news, shares in Och-Ziff fell $1.28, or almost 10%, on heavy trading volume, to close at $11.65 on April 28, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP