PHOENIX--(BUSINESS WIRE)--Stinson Leonard Street LLP announces that a class action lawsuit was filed on April 27, 2018, in the Superior Court of Maricopa County on behalf of a proposed Class of purchasers or holders of Solid Waste Disposal Facilities Revenue Bonds issued by the Industrial Development Authority of the City of Phoenix, Arizona for the Vieste SPE, LLC – Glendale, Arizona Project consisting of $21,485,000 Tax-Exempt Series 2013A and $745,000 Taxable Series 2013B bonds, sold through an Official Statement dated April 17, 2013. These bonds bear CUSIP numbers 71884RAE2, 71884RAC6, 71884RAF9, 71884RAG7, 71884RAH5, 71884RAD4. The case was removed to the United States District Court for the District of Arizona on May 30, 2018, and is current pending as case number 2:18-cv-01637-ROS.
If you are a member of the Class described above, you may, no later than 60 days from the date of this notice, move the Court to serve as lead plaintiff of the proposed Class. To serve as lead plaintiff you must meet certain legal requirements.
The complaint alleges generally that the above-described Official Statement contained material misrepresentations and omissions, and the complaint seeks recovery from Vieste SPE, LLC; Vieste Energy, LLC; Herbert J. Sims & Co.; and Lawson Financial Corporation; as well as certain officers and other control-persons of the foregoing entities. In addition to the companies, the complaint also names as defendants Mark and Jane Doe Branaman, Michael A. and Jane Doe Comparato, Joseph A. and Jane Doe Cook, Donald W. and Jane Doe Currise, Joshua D. and Jane Doe Rogers, Xan and Jane Doe Smith, and Robert and Pamela Lawson. The complaint alleges claims for primary and secondary liability under the Arizona Securities Act.
The named plaintiffs who purchased securities sold by Vieste SPE, LLC are represented by Jeffrey Goulder and Stefan Palys of the law firm Stinson Leonard Street LLP.