Author Archive: Brian Sanchez

Appointment of Law Society Acting Executive Director

Mary Ollivier has been appointed Acting Executive Director
of the New Zealand Law Society, from 16 January.

She takes
over from Christine Grice, who has been appointed a High
Court Judge.

Mrs Ollivier has been the Law Society’s
General Manager Regulatory since the role was established
following major changes to the regulation of lawyers in
2008.

She was admitted as a barrister and solicitor of the
High Court in December 1991 after previously qualifying and
working as a legal executive. Mrs Ollivier worked as a
lawyer with law firms in Auckland and Wellington and
overseas before moving to the Wellington District Law
Society in the mid-1990s as Professional Standards Director
and then Deputy Executive Director. She moved to the New
Zealand Law Society in 2008 to assist with implementation of
the new Lawyers and Conveyancers Act 2006.

Mrs Ollivier
has served as Secretary of the Wellington Woman Lawyers
Association and chaired the Professional Partnership
Network. She has also been involved in legal regulatory
matters at an international level and was appointed to the
Joint Australia/New Zealand Standards Committee QR-015 to
update the ISO standard Guidelines for complaints handling
in organisations.

Christine Grice will be sworn in as a
High Court Justice on 1 February in Wellington. She was the
Law Society’s second woman President from 2000 to 2003 and
was appointed Executive Director in
2009.

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Japanese firms raise alarm over investment hurdles

Japanese firms raise alarm over investment hurdles

LAHORE: Asad Majeed Khan, Pakistan’s ambassador in Tokyo, has said different government departments were creating hurdles in the way of Japanese investors, which was denting their existing investments and deterring the new ones, The News learnt on Wednesday.

The ambassador shared his reservations with Secretary Foreign Ministry Tehmina Janjua in a letter, whose copy is available with The News.

The concerns are mostly related to Board of Investment (BoI) Karachi office, Federal Board of Revenue (FBR), and Karachi’s law enforcement agencies.

The ambassador quoting his meetings with Japanese businessmen stated that they were keen to further invest in Pakistan but the problems faced by them were affecting their expansion and new investment plans.

The major concerns come from BoI Karachi as, according to the letter, Japanese businesses are mostly concentrated in the coastal city.

“The BoI office in Karachi lacks the authority to resolve problems faced by the Japanese companies and they have to frequently fly between Karachi and Islamabad for resolving even minor issues,” the ambassador said in the letter.

He added that in order to address this problem, Japanese investors have proposed that the BoI’s resident director in Karachi may be empowered to settle the issues up to a certain level.

Ambassador Khan also wrote in the letter that Japanese investors were facing delays in the sanctioning of refunds and other tax benefits, assured to them by the authorities at the time of investment.

“In their view, there seems to exist a disconnect between policymaking and operational sides of the FBR, which needs to be fixed,” the envoy said.

He added, the security situation in Karachi was also of deep concern to them. “Japanese nationals have faced a number of street crimes in Karachi, which is a general concern, but speedy facilitation by the police will be very helpful,” ambassador Khan said.

The ambassador, however, appreciated the government for the successful implementation of its counterterrorism strategy and improvement in the overall law and order situation.

“Japan has made a policy decision to diversify its global investment presence and is exploring investment opportunities in other countries and Pakistan with low cost and young labour force is still an attractive option for Japanese investors,” Khan added.

Taking notice of the ambassador’s concerns, Foreign Secretary Tehmina Janjua instructed the chairman BoI Naeem Zamindar and chairman FBR Tariq Pasha to resolve the issues on urgent basis to pave way for enhancing Japanese investment in Pakistan.

An official at the FBR said that the board had already expedited the refunding process for all the taxpayers without any discrimination.

“Japanese firms in Pakistan, especially auto companies had raised the same issues with former finance minister Ishaq Dar’s through Japanese ambassador in Pakistan,” the official said.

Commenting on the issue, a BoI functionary said that policy decisions were taken only at the board’s head office.

“However, the BoI board of directors, which is chaired by Prime Minister of Pakistan, can empower any resident director in any matter,” he added.

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Philip Morris International Inc. of Class Action Lawsuit and Upcoming Deadline – PM

Jan 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Philip Morris International Inc. (“Philip Morris” or the “Company”)

PM, +0.71%

and certain of its officers. The class action, filed in United States District Court, for the District of New Jersey, is on behalf of a class consisting of investors who purchased or otherwise acquired Philip Morris securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Philip Morris securities between July 26, 2016, and December 20, 2017, both dates inclusive, you have until February 20, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

Philip Morris is a Virginia corporation with its principal executive offices located at 120 Park Avenue, New York, New York. Philip Morris, through its subsidiaries, manufactures and sells cigarettes, other tobacco products, and other nicotine containing products.

Philip Morris is currently developing a portfolio of Reduced-Risk Products (“RRP”). RRP does not burn tobacco and produces significantly lower levels of harmful or potentially harmful compounds than found in smoke. Phillip Morris has four RRP platforms in various stages of development and commercialization readiness. Platform 1 uses a precisely controlled heating device that Philip Morris is commercializing under the IQOS brand name, into which a specially designed and proprietary consumable tobacco product (“IQOS Consumables”) is inserted and heated to generate an aerosol

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were irregularities in the clinical experiments that underpin Philip Morris’ application to the U.S. Food and Drug Administration (“FDA”) for approval of its iQOS smoking device; and (2) as a result, defendants’ statements about Philip Morris’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On December 20, 2017, Reuters published a report stating that “[f]ormer employees and contractors [of Phillip Morris] have detailed irregularities in the clinical experiments that underpin Philip Morris International’s application to the FDA for approval of its iQOS smoking device.”

On this news, shares of Philip Morris fell $3.75 per share or approximately 3.5% from its previous closing price to close at $104.37 per share on December 20, 2017, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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Copyright 2018 ACCESSWIRE

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Are you getting a $1,000 bonus? Firms announce big pay outs in wake of tax bill

Are you getting a $1,000 bonus? Firms announce big pay outs in wake of tax bill
Dollar dollar bills yooo (Picture: AP)

American Airlines is handing out $1,000 bonuses to its employees. So are AT&T, Bank of America and Nationwide Insurance. The same for Comcast, JetBlue Airways and US Bancorp.

Such announcements, coming from dozens of companies, have followed the passage of the Republican tax plan that Donald Trump signed into law last month.

Lab loses hard drive containing personal details of thousands including patient X-rays

The plan slashed the corporate tax rate from 35 percent to 21 percent. The companies say the bonuses they’ve announced are a way to share some of their bounty with their workers.

Yet the bonuses are one-time payouts, not the permanent pay raises that Trump and congressional Republicans have said will eventually result from the corporate tax cuts.

Over time, bonuses are far less valuable to employees than wage increases.

Are you getting a $1,000 bonus? Firms announce big pay outs in wake of tax bill
Firms including AT&T have given their staff bonuses (Picture: AP)

So far, most companies haven’t said whether permanent pay increases are in the works. And economists caution that the corporate income tax cut’s effect on average pay, if any, might not become apparent for several years.

‘As a worker, it’s great to get a one-off bonus, but that doesn’t guarantee anything for the next year,’ said Stephen Stanley, chief economist at Amherst Pierpont. ‘You’d rather have the raise, because next year you’re working off the higher base.’

Eventually, Stanley thinks the lower corporate tax rates will lead to worker pay raises. He expects companies over the next several years to use some of their windfalls to invest in equipment that would make workers more productive and lead to higher wages.

Other economists remain skeptical. They note that the lion’s share of the corporate tax cut will overwhelmingly benefit shareholders and company owners. That sentiment is one reason stock market indexes are setting new highs almost daily.

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Doors close at Fylde law firm

A Fylde coast law firm has gone into administration.

Administrators FRP Advisory said Channon’s Solicitors, which had its address listed as The Solaris Centre and which specialised in claimant-led litigation in the holiday and leisure markets, had “faced an unsustainable pressure on cash-flow for a number of months following a behavioural change across defendants towards a more protracted approach to handling claims.”

Having exhausted attempts to restructure its business model, the firm sought to transfer its outstanding claims to other regulated solicitor firms in order for those claims to be able to be concluded.

Six remaining staff were made redundant.

After ceasing to trade, Channon’s appointed joint administrators David Thornhill and Ben Woolrych of FRP Advisory on December 15.

They said they were now focused on realising any remaining assets of the business including any work-in-progress.

They said: “The joint administrators will ensure that any costs due to the Firm, in relation to on-going claims that have already been transferred to others will be paid over to the firm in the interests of creditors.”

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Pomerantz Law Firm Announces the Filing of a Class Action against Ekso Bionics Holdings, Inc. and Certain Officers – EKSO

NEW YORK, Jan. 10, 2018 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against EKSO Bionics Holdings, Inc. (“Ekso” or the “Company”) (NASDAQ:EKSO) and certain of its officers.   The class action, filed in United States District Court, for the Northern District of California, and docketed under 18-cv-00212, is on behalf of a class consisting of investors who purchased or otherwise acquired the securities of Ekso between March 15, 2017 and December 27, 2017, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Ekso securities between March 15, 2017, and December 27, 2017, both dates inclusive, you have until February 5, 2018, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased. 

[Click here to join this class action]

Ekso Bionics Holdings, Inc. designs, develops, and sells exoskeletons for use in the healthcare, industrial, military, and consumer markets in North America, Europe, the Middle East, and Africa. The Company operates through Medical Devices, Industrial Sales, and Engineering Services segments. It primarily offers Ekso GT, a bionic suit that provides the ability to stand and walk over ground to individuals with spinal cord injuries, hemiplegia, and lower limb paralysis or weakness.   

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ekso had a material weakness in its internal control over financial reporting; (ii) accordingly, Ekso’s disclosure controls and procedures were not effective; and (iii) as a result of the foregoing, Ekso’s public statements were materially false and misleading at all relevant times.

On December 14, 2017, Ekso filed a current report on Form 8-K with the SEC, advising investors that “the Company’s internal control over financial reporting as of December 31, 2016, should no longer be relied upon and that a material weakness in the Company’s internal control over financial reporting existed as of such date.”  Specifically, Ekso stated that its announcement was due to a reevaluation of the Company’s information technology (“IT”) controls by OUM & Co. LLP (“OUM”), the Company’s auditor.  Ekso stated that it intended “to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017 to reflect the conclusion by management that there was a material weakness in internal control over financial reporting and that our disclosure controls and procedures were not effective as of the end of the periods covered by these reports.”  On this news, Ekso’s share price fell $0.15, or 6.17%, to close at $2.28 on December 15, 2017.  

On December 27, 2017, post-market, Ekso filed an amended annual report for 2016 and amended quarterly reports for the first three quarters of 2017 on Form 10-Q.  On this news, Ekso’s share price fell $0.34, or over 13%, to close at $2.23 on December 28, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

/EIN News/ — CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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UPDATE – Pomerantz Law Firm Announces the Filing of a Class Action against Ekso Bionics Holdings, Inc. and Certain Officers – EKSO

NEW YORK, Jan. 10, 2018 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against EKSO Bionics Holdings, Inc. (“Ekso” or the “Company”) (NASDAQ:EKSO) and certain of its officers.   The class action, filed in United States District Court, for the Northern District of California, and docketed under 18-cv-00212, is on behalf of a class consisting of investors who purchased or otherwise acquired the securities of Ekso between March 15, 2017 and December 27, 2017, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Ekso securities between March 15, 2017, and December 27, 2017, both dates inclusive, you have until March 5, 2018, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased. 

[Click here to join this class action]

Ekso Bionics Holdings, Inc. designs, develops, and sells exoskeletons for use in the healthcare, industrial, military, and consumer markets in North America, Europe, the Middle East, and Africa. The Company operates through Medical Devices, Industrial Sales, and Engineering Services segments. It primarily offers Ekso GT, a bionic suit that provides the ability to stand and walk over ground to individuals with spinal cord injuries, hemiplegia, and lower limb paralysis or weakness.   

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ekso had a material weakness in its internal control over financial reporting; (ii) accordingly, Ekso’s disclosure controls and procedures were not effective; and (iii) as a result of the foregoing, Ekso’s public statements were materially false and misleading at all relevant times.

On December 14, 2017, Ekso filed a current report on Form 8-K with the SEC, advising investors that “the Company’s internal control over financial reporting as of December 31, 2016, should no longer be relied upon and that a material weakness in the Company’s internal control over financial reporting existed as of such date.”  Specifically, Ekso stated that its announcement was due to a reevaluation of the Company’s information technology (“IT”) controls by OUM & Co. LLP (“OUM”), the Company’s auditor.  Ekso stated that it intended “to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017 to reflect the conclusion by management that there was a material weakness in internal control over financial reporting and that our disclosure controls and procedures were not effective as of the end of the periods covered by these reports.”  On this news, Ekso’s share price fell $0.15, or 6.17%, to close at $2.28 on December 15, 2017.  

On December 27, 2017, post-market, Ekso filed an amended annual report for 2016 and amended quarterly reports for the first three quarters of 2017 on Form 10-Q.  On this news, Ekso’s share price fell $0.34, or over 13%, to close at $2.23 on December 28, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

/EIN News/ — CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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Pomerantz Law Firm Announces the Filing of a Class Action against Intel Corporation and Certain Officers – INTC

NEW YORK, Jan. 10, 2018 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Intel Corporation (“Intel” or the “Company”) (NASDAQ:INTC) and certain of its officers.   The class action, filed in United States District Court, for the Central District of California, is on behalf of a class consisting of investors who purchased or otherwise acquired the securities of Intel between July 27, 2017, and January 4, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Intel securities between July 27, 2017, and January 4, 2018, both dates inclusive, you have until March 12, 2018, to ask the Court to appoint you as Lead Plaintiff for the class.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased. 

[Click here to join this class action]

Intel designs, manufactures, and sells computer, networking, and communications platforms worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) a fundamental design flaw exists in Intel’s processor chips that makes them vulnerable to hacking; (2) updates to fix the problems in Intel’s processor chips could cause Intel chips to operate significantly more slowly; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On January 2, 2018, during aftermarket hours, The Register published an article titled, “Kernel-memory-leaking Intel processor design flaw forces Linux, Windows redesign,” stating that there is a “fundamental design flaw in Intel’s processor chips” and updates to fix the problems could cause Intel chips to operate five to 30 percent more slowly.

On January 3, 2018, Intel published an article on its website titled, “Intel Responds to Security Research Findings,” confirming that its chips contain a feature that makes them vulnerable to hacking.  On the same day, Reuters published an article titled, “Security flaws put virtually all phones, computers at risk,” reporting that Intel’s Chief Executive Officer (“CEO”), Brian M. Krzanich (“Krzanich”), said “Google researchers told Intel of the flaws ‘a while ago,’’’.

On this news, shares of Intel fell $1.59 per share, or over 3.5%, from its previous closing price to close at $45.26 per share on January 3, 2018, damaging investors.

Then, on January 4, 2018, news outlets reported that Intel’s CEO, Krzanich, sold millions of dollars worth of shares after Intel was informed of vulnerabilities in its semiconductors but before it was publicly disclosed.  Krzanich sold about half his stock months after he learned about critical flaws in billions of Intel’s microchips, but before it was publicly disclosed, and now holds only the minimum number of shares that he is required to own.

On this news, shares of Intel fell $0.83 per share from its previous closing price to close at $44.43 per share on January 4, 2018, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com 

/EIN News/ —


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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Capitala Finance Corporation of Class Action Lawsuit and Upcoming Deadline – CPTA

Jan 10, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 10, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Capitala Finance Corporation (“Capitala” or the “Company”)

CPTA, +0.95%

and certain of its officers. The class action, filed in United States District Court, for the Central District of California, Western Division, and docketed under 18-cv-00052, is on behalf of a class consisting of investors who purchased or otherwise acquired Capitala securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Capitala securities between January 4, 2016, and August 7, 2017, both dates inclusive, you have until February 26, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here to join this class action]

Capitala Finance Corporation is a business development company that invests primarily in first and second liens, subordinated debt and, to a lesser extent, equity securities issued by lower and traditional middle-market companies.

Capitala Investment Advisors, LLC (“Capitala Investment Advisors”) manages the Company’s investment activities. The Company’s Board of Directors supervises the Company’s investment activities. The Company’s executive officers are part of Capitala Investment Advisors’ management team.

Under the Company’s investment advisory agreement with Capitala Investment Advisors (the “Investment Advisory Agreement”), the Company pays Capitala Investment Advisors an annual base management fee based on the Company’s gross assets as well as an incentive fee based on the Company’s performance.

On January 4, 2016, the Company announced that Capitala Investment Advisors agreed to voluntarily waive its quarterly incentive fee.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Capitala Investment Advisors had been losing professional talent in both underwriting and portfolio management due to the waiving of its incentive fee; (ii) such loss of talent negatively impacted the quality of the Company’s investment portfolio; and (iii) as a result, Capitala’s public statements were materially false and misleading at all relevant times.

On August 7, 2017, the Company revealed during aftermarket hours that six of its investments were on non-accrual status-twice as many as in the previous quarter.

On August 8, 2017, the Company’s Chief Executive Officer Joseph B. Alala III revealed that Capitala Investment Advisors had been losing professional talent in underwriting and portfolio management since waiving its incentive fee, which resulted in a rising number of nonaccrual investments.

On this news, shares of the Company fell $3.82 per share, or approximately 30%, over the next three trading days to close at $8.99 per share on August 10, 2017, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

SOURCE: Pomerantz LLP

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