Le Lézard
Classified in: Business
Subject: LAW

Fraud Claims Dismissed Against Pallas Holdings, LLC, Perian Salviola, & Kautilya "Tony" Sharma

BOCA RATON, Fla., Sept. 25, 2020 /PRNewswire/ -- On February 15, 2019 the Securities and Exchange Commission, the "SEC",  filed a complaint, Case 1:19-cv-01459, against various defendants including Pallas Holdings, LLC, Kautilya (a/k/a Tony) Sharma, and Perian Salviola, the "Pallas Defendants". In the complaint the SEC alleges claims that the Pallas Defendants were engaged in fraudulent and illegal transactions of unregistered securities related to the sale of certain assets to Newlead Holdings, Ltd ("Newlead"). The SEC asserts claims for primary and secondary violations of the antifraud provisions in Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and the corresponding Rule 10b-5, as well as violations of the registration provisions contained in Section 5 of the Securities Act. On May 6, 2019 the Pallas Defendants moved to dismiss the complaint under Rules 12(b)(6) and 9(b) of the Federal Rules of Civil Procedures.

On January 14, 2020 Honorable Loretta A. Preska, Senior United States District Judge partially agreed with the motion and dismissed all fraud claims against the Pallas Defendants. As it relates to the dismissal of the antifraud claims the order states that "The SEC simply alleges in conclusory fashion that the Newlead II transactions were a sham designed to facilitate a public offering of Newlead stock. By themselves, those vague and factually understated allegations fall short of establishing fraud under Rule 9(b)." "The Complaint also falls short in pleading a strong inference of fraudulent intent." The Judge permitted the SEC to proceed on the Section 5 registration claim.

The full decision by Honorable Loretta A. Preska can be viewed at:


Media Contact: Pallas Holdings, LLC,  Boca Raton, FL



SOURCE Pallas Holdings, LLC

These press releases may also interest you

at 16:55
Carter's, Inc. , the largest branded marketer in North America of apparel exclusively for babies and young children, will report its third quarter fiscal 2020 results before the market opens on Friday, October 23, 2020. The Company will hold a...

at 16:50
The Estée Lauder Companies Inc. will release fiscal 2021 first quarter results on November 2, 2020. On that date, at 9:30 a.m. (ET), the Company will provide a live webcast of its conference call discussing the results, future prospects and recent...

at 16:49
Morneau Shepell is pleased to announce the appointment of Robert Courteau to its Board of Directors, effective today. Mr. Courteau most recently served as the CEO of Altus Group, a leading provider of independent advisory services, software, and data...

at 16:48
The following issues have been halted by IIROC: Company: StageZero Life Sciences Ltd. TSX Symbol: SZLS All Issues: Yes Reason: Pending News Halt Time (ET): ?4?:?15? ?PM IIROC can make a decision to impose a temporary suspension (halt) of trading in...

at 16:45
3iQ Corp. ("3iQ") is pleased to announce that the Class A Units of The Bitcoin Fund will commence trading in Canadian dollars on the Toronto Stock Exchange on October 20, 2020 under the symbol "QBTC." The Class A Units will trade under their existing...

at 16:45
The insurance industry is exploiting California wildfires for its own financial advantage by arbitrarily refusing to sell or renew homeowners' insurance coverage, even when people improve the fire safety of their property, Consumer Watchdog testified...

News published on 25 september 2020 at 09:17 and distributed by: