Eric has served in leadership positions in a number of high profile, complex financial lawsuits. He has been recognized as a Daily Journal, among the Top 100 Super Lawyers in Northern California, and a Law360 MVP for Consumer Protection.
Our securities fraud lawyers are investigating whether Remark Holdings (NASDAQ: MARK) violated federal securities law by failing to disclose vital information about its business dealings (or lack thereof) in China, leading to an initial stock plunge of 23.5%.
Market Research Report: Remark Has No Real Business in China
Remark Holdings claims to be a company that “primarily focuses on the development and deployment of artificial-intelligence-based [software] solutions.” The company claims to have business operations in Beijing, Shanghai, Chengdu, and Hangzhou, China. Forbes reports that Remark Holdings “claims to have signed up one of China’s largest banks” for its KanKan fintech (financial technology) platform.
But J Capital Research released a report on February 6, 2018 stating that it had investigated Remark Holdings’ business in China and found that there’s “[n]o ‘there’ there.” The report further stated, “Wherever we look, we cannot find a real business behind Remark Holdings.” According to SeekingAlpha, Remark Holdings’ claims of being a major player in China “don’t hold water.” J Capital spoke with “some of the biggest private lenders” in China, who had “never heard of the KanKan credit platform.” SeekingAlpha says that, as it turns out, Remark doesn’t even own the technology underlying KanKan (i.e., they have no patents for the technology).
After the release of the J Capital Research report, Remark’s stock dropped by nearly 25% to close at $6.95 on February 6, 2018, on heavy trading volume.
Remark officially responded stating that the J Capital report is “bogus,” and Remark claims to have just signed up Shanghai Open University (an online college) for its KanKan fintech platform.
Girard Gibbs' Financial Fraud Experience
Girard Gibbs’ financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Noteworthy Financial Fraud Cases
|American Express Financial Advisors Securities Litigation||$100 million cash settlement for clients alleging American Express steered them into under-performing “shelf space funds” to reap kickbacks|
|Chase Bank “Check Loan” Litigation||$100 million settlement for consumers alleging Chase offered long-term fixed-rate loans, only to later more-than-double required payments|
|Peregrine Financial Group Customer Litigation||Settlements worth $75 million for futures and commodities investors who lost millions in the collapse of Peregrine Financial Group, Inc.|
|NantHealth||Court-appointed Co-Lead Counsel in a securities class action alleging the company’s founder violated federal securities law and artificially inflated stock prices|
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Michael has over 20 years of experience representing individuals in complex cases involving banking credit card and other financial frauds.
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