NEW YORK--(BUSINESS WIRE)--On September 10, 2020, the YieldStreet class action lawsuit was filed against YieldStreet Inc. and related companies (collectively, “YieldStreet”). The claims in this suit were amended and now include claims under New York common law and violations under Section 10(b) and Section 20 of the Securities Exchange Act of 1934. The most recent complaint was refiled on August 4, 2021, in the Southern District of New York and is captioned Tecku vs. Yieldstreet Inc. et al, No. 20-civ-07327-VM. The YieldStreet class action lawsuit seeks to represent purchasers of certain YieldStreet securities – specifically, all persons who purchased a Borrower Payment Dependent Note issued by YS ALTNOTES I or YS ALTNOTES II in connection with the following offerings: Vessel Deconstruction I; Short Term Vessel Refinancing Fund; Vessel Deconstruction Fund III; Vessel Deconstruction Fund IV; Vessel Deconstruction Fund VI; and Louisiana Oil & Gas, inclusive (“YieldStreet Securities”).
A copy of the complaint is available from the Court, from attorneys Joe Peiffer or Dan Centner of Peiffer Wolf Carr Kane & Conway (“Peiffer Wolf”) by e-mail at jpeiffer@PeifferWolf.com or dcentner@PeifferWolf.com, or from attorney Jeff Sonn of Sonn Law Group PA (SLG) by email at jsonn@SonnLaw.com.
The complaint alleges that defendants issued materially misleading statements and/or omitted material information concerning YieldStreet’s business, operations, and prospects when making its offerings to investors who purchased YieldStreet Securities. Plaintiffs allege that YieldStreet misled investors by claiming that it had no principal loss in any prior YieldStreet deals, and by touting its multi-stage “due diligence” process as a means of screening the products offered on its platform, without disclosing that its credit committee had no experience whatsoever vetting or structuring deals in the niche industries in which YieldStreet products are offered to investors. Plaintiffs further alleged that YieldStreet tried to deflect its investment team’s lack of experience by falsely claiming reliance on “asset class experts” to help originate, structure, and service YieldStreet’s deals. Plaintiffs further alleged that upon information and belief, YieldStreet’s president, Michael Weisz, based credit decisions in part on what would maximize YieldStreet’s management fee receipts, without regard to the potential loss of investor funds.
Not later than 60 days after the date on which this notice is published, any member of the purported class may move the court to serve as lead plaintiff of the purported class. Your ability to share in any recovery doesn’t require that the Court appoint you as lead plaintiff.
The Law firms Peiffer Wolf and Sonn Law Group concentrate on representing investors in securities, consumer class actions, and individual cases around the country. Please visit https://www.peifferwolf.com/ and https://www.sonnlaw.com/ for more information.
Attorney advertising. Responsible Attorneys, Joe Peiffer and Jeff Sonn. Peiffer Wolf maintains offices in Louisiana, New York, Ohio, Missouri, Illinois, California, and Texas. Joe Peiffer is licensed to practice law in Louisiana. Sonn Law Group maintains offices in Florida, Georgia, and Texas. Jeff Sonn is licensed to practice law in Florida. Services may be performed by attorneys in any of our offices. Past results do not guarantee future outcomes.