NEW YORK, April 18, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against PJT Partners, Inc. (“PJT” or the “Company”) (NYSE: PJT ) in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased PJT securities between November 12, 2015 and March 28, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
PJT provides various strategic advisory, restructuring and special situations, and fund placement and secondary advisory services to corporations, financial sponsors, institutional investors, and governments 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 the Complaint alleges that, defendants made false and/or misleading statements and/or failed to disclose that: (i) PJT’s compliance and fraud-prevention controls were inadequate; (ii) as a consequence of the Company’s inadequate controls, Andrew W.W. Caspersen (“Caspersen”), a managing partner at Park Hill Group, perpetrated a criminal scheme to defraud investors of more than $95 million; and (iii) as a result of the foregoing, PJT’s public statements were materially false and misleading at all relevant times.
According to the Complaint, on March 28, 2016, Caspersen was arrested and charged with securities fraud and wire fraud for scheming to defraud investors of more than $95 million since at least as early as July 2015. In a parallel action, the SEC also charged Caspersen with defrauding two institutions to invest in a shell company that he controlled.
On this news, PJT stock fell $2.81, or 10.62%, to close at $23.66 on March 28, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than June 14, 2016 . 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 tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.
