HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Infinity Q Diversified Alpha Fund (IQDAX; IQDNX) Investors with Losses to Contact Its Attorneys, Fund Halts Redemptions and Suspends Chief Investment Officer
SAN FRANCISCO, March 2, 2021 /PRNewswire/ -- Hagens Berman urges Infinity Q Diversified Alpha Fund (IQDAX; IQDNX) (the "Fund") investors with significant losses to submit your losses now. A securities fraud class action has been filed after advisor Infinity Q Capital Management announced it is shutting down the Fund. Certain investors may have valuable claims.
Infinity Q Diversified Alpha Fund (IQDAX; IQDNX) Securities Fraud Class Action:
The complaint alleges defendants misrepresented and concealed that (1) the Fund's Chief Investment Officer manipulated variables going into valuation of significant Fund assets, (2) as a consequence, the Fund and its advisor would not be able to correctly calculate the Fund's net asset value ("NAV"), (3) previously reported NAVs were unreliable, and (4) because of the foregoing the fund would halt redemptions and liquidate assets.
The truth emerged on Feb. 22, 2021, when the advisor and Fund filed an application with the SEC seeking permission to suspend Fund share redemptions. The application also stated the Fund should be liquidated in part because of an inability to determine the impact of the CIO's "adjustments" to models used to value certain swap instruments.
The same day, Bloomberg published an article entitled "Mutual Fund Locks Out Founder After SEC Questions Swaps Pricing" reporting that the fund's advisor (1) cut off founder, majority owner, and CIO James Velissaris' access to accounts and trading, and (2) had verified that Velissaris did in fact access and alter the third-party valuation models pertaining to hundreds of millions of dollars of swaps.
"We're focused on investors' losses and proving defendants intentionally inflated the fund's NAV," said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Infinity Q Diversified Alpha Fund should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:[email protected].
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