NEW YORK, May 7, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed on behalf of all persons who purchased or otherwise acquired the securities of Och-Ziff Capital Management Group, LLC ("Och-Ziff" or the "Company") (NYSE:OZM) during the period from February 9, 2012 and April 25, 2014 (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The Complaint asserts that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company violated relevant anti-bribery laws by accepting an investment from the Libyan Investment Authority, a sovereign wealth fund; (ii) the Company loaned $234 million to help finance two ventures in the Democratic Republic of Congo in violation of the Foreign Corrupt Practices Act ("FCPA"); (iii) beginning in 2011, the Company received subpoenas from the Securities and Exchange Commission and the United States Department of Justice in connection with the transactions mentioned above; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On February 3, 2014, the Wall Street Journal reported that the U.S. Department of Justice joined a widening investigation of banks, private-equity firms and hedge funds, including Och-Ziff, relating to the possible violation of anti-bribery laws in their dealings with Libya's government-run investment fund. The article also stated that the criminal investigation by the DOJ was proceeding alongside a civil probe by the SEC that began in 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than July 7, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston