INFINITY Q DIVERSIFIED ALPHA FUND CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York
NEW YORK, March 9, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of mutual fund shares of the Infinity Q Diversified Alpha Fund (NASDAQ: IQDAX, IQDNX) between December 21, 2018 through February 22, 2021, inclusive (the "Class Period").
All investors who purchased mutual fund shares oftheInfinity Q Diversified Alpha Fund and incurred losses are urged to contact the firm immediately at [email protected]or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website,www.whafh.com.
If you have incurred losses in the mutual fund shares of the Infinity Q Diversified Alpha Fund youmay,no later than April 27, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the mutual fund shares of the Infinity Q Diversified Alpha Fund.
In a response to a United States federal inquiry, Infinity Q Capital Management announced on February 22, 2020 that it was shutting down a $1.8 billion mutual fund and that it placed James Velissaris, its founder and Chief Investment Officer, on leave, cutting off his access to accounts and trading while hiring an expert to value the fund's holdings. The firm said it had learned the U.S. Securities and Exchange Commission (SEC) is probing whether Velissaris incorrectly valued complex derivative securities representing about 20% of the mutual fund's reported value.
Subsequently, on February 23, 2021, the Wall Street Journal published a report, "Investment Firm Halts Redemptions on $1.8 Billion Fund: Infinity Q Capital Management bans its chief investment officer from trading after discovering issues valuing the fund's holdings." The report stated that, "Investment firm Infinity Q Capital Management LLC asked the Securities and Exchange Commission to halt redemptions on one of its mutual funds and forbid its chief investment officer from trading after discovering issues valuing the fund's holdings."
The article continued to state that, "[t]he fund was unable to calculate an Net Asset Value ("NAV") on February 19, 2021, and it is uncertain when the fund will be able to calculate an NAV that would enable it to satisfy requests for redemptions of fund shares[.]"
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.