Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Monaker Group, Inc.
Oklahoma City, OK (December 13, 2016) – On December 9, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of Florida against Monaker Group, Inc. (OTCQB: MKGI). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 6, 2012 through June 23, 2016. More specifically, this litigation was filed because the Company on June 23, 2016 filed its Form 10-K with the Securities and Exchange Commission notifying the public that it would be forced to restate its financials for the class period. The Company further stated that it had paid up to $11.1 million to support the operations of an entirely separate public company that was previously controlled by William Kerby, Don Monaco and Adam Friedman (RealBiz Media Group, Inc.), without any consideration in return. It was not until Kerby, Monaco and Friedman were replaced as board members at RealBiz that they admitted to Monaker investors that Monaker funds had been used throughout the class period. Kerby, Monaco and Friedman also failed to disclose this in any SEC filings, audited financial statement or other financial disclosure.
Plaintiff seeks to recover damages on behalf of all Monaker Group, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than 60 days from the date of this notice to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Tue, December 13, 2016
by Nancy Beatty filed under