LOS ANGELES--(BUSINESS WIRE)--Howarth & Smith, Garcia, Artigliere & Schadrack and the Law Offices of David T. Kupfer announce that a Complaint has been filed in the United States District Court for the Central District of California against defendants Voyager Financial Group, LLC, VFG, LLC, (“VFG”), Brandon Kogut, Glenn Hopkins, Brittney McClinton, Jonathan Sheets and Mackenzie Young, officers of VFG (“Officer Defendants”), on behalf of Plaintiff Lawrence Vicari and all purchasers of Veterans Administration and other military structured payments, awards, pensions and/or disability incomes owned by Veterans and Military Retirees throughout the United States (“Veterans Benefits” or “Veterans Benefits’ Contracts”) during the period of January 31, 2008, through and including January 31, 2013 (the “Class Period”). This action was filed on January 31, 2013, has been assigned a civil action number, CV13 – 00671 and is before the Honorable Audrey B. Collins, United States federal district judge. The address of the Court is 312 N. Spring St., Rm.G-8, Los Angeles, CA 90012.
VFG is a limited liability company organized under the laws of Delaware with a principal place of business in Little Rock, Arkansas which participates in the sale of and sells investment contracts whereby buyers, such as Mr. Vicari, purchased the right to Veterans Benefits (“Securities”) for a lump sum. The Complaint alleges that VFG Defendants induced Plaintiff and the other Class Members to purchase such Securities when they knew or should have known that the assignment of such government benefits is illegal under 38 USC § 5301, Nonassignability and Exempt Status of Benefits, information unknown to the Class Members.
In his Complaint, Plaintiff Vicari, on behalf of the Class Members, alleges a violation of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The Complaint alleges that VFG Defendants and their agents made material misrepresentations and omissions of fact which deceived the investing public including Plaintiff and other Class Members. The Complaint alleges violations of Section 20(a) of the Exchange Act against Officer Defendants as controlling persons of VFG.
On or about the dates listed below, Plaintiff purchased certain securities through VFG which took the form of the purchase of the right to Veteran Benefits, as described in the Complaint. On or about May 5, 2012, Plaintiff purchased rights to the Veteran Disability Benefits for $62,574.29. The transaction bears the Defendants invoice number VFG1503S. On or about March 9, 2012, Plaintiff purchased the rights to the Veteran Disability Benefits for $130,277.54. The transaction bears the Defendants invoice number VFG1061S. Mr. Vicari has agreed to be Lead Plaintiff for all similarly situated purchasers in the Class and has agreed to undertake the responsibilities of Lead Plaintiff including managing the litigation and giving a deposition. He has retained Howarth & Smith, Garcia, Artigliere & Schadrack and the Law Offices of David T. Kupfer to act as counsel for him individually and for those similarly situated.
If you purchased Veteran’s Benefits through investment contracts facilitated by VFG during the Class Period, you are entitled under Securities Exchange Act of 1934, § 21D(a)(3), as amended, 15 U.S.C.A. § 78u–4(a)(3), to file a motion to apply for the role of Lead Plaintiff in the action. Mr. Vicari and his counsel are so informing you.
If you wish to serve as Lead Plaintiff, you must make a motion before the Court no later than 60 days after the date on which this notice was published. A Lead Plaintiff is a representative party acting on behalf of other Class Members in directing the litigation. In order to be appointed Lead Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the class. Any member of the proposed class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class Member, with Mr. Vicari acting as Lead Plaintiff. Class members may apply for the role of Lead Plaintiff through their own counsel and need not necessarily apply through counsel publishing this notice. Lead Plaintiff must agree to represent not only his or her interests but those of all the Class Members, including giving a deposition. If you wish to be Lead Plaintiff and wish to find out more, you may contact counsel listed below. No one may promise you anything of value to act as Lead Plaintiff and you must be prepared to tell the Court in a sworn statement that you will undertake the duties required of Lead Plaintiff.