FRATERNITY FUND v. BEACON HILL ASSET

No. 03 Civ. 2387(LAK).

376 F.Supp.2d 385 (2005)

FRATERNITY FUND LTD., et al., Plaintiffs, v. BEACON HILL ASSET MANAGEMENT LLC, et al., Defendants.

United States District Court, S.D. New York.

As Corrected July 6, 2005.


Attorney(s) appearing for the Case

Scott M. Berman, Emilio A. Galvan, Brown Rudnick Berlack Israels LLP, for Plaintiffs.

Joel M. Miller, Charles R. Jacob III, Teresa A. Gonsalves, Miller & Wrubel P.C., for Defendants Beacon Hill Asset Management LLC and Safe Harbor Asset Management LLC.

Kevin H. Marino, John D. Tortorella, Marino & Associates, P.C., for Defendant John D. Barry.

Robert G. Stahl, Law Offices of Robert G. Stahl, LLC, for Defendant John W. Irwin.

Lawrence S. Lustberg, Thomas R. Valen, Gibbons, Del Deo, Dolan, Griffinger & Vecchione, P.C., for Defendant Thomas P. Daniels.

Michael Critchley, Michael Critchley, Jr., Michael Critchley & Associates, for Defendant Mark Miszkiewicz.

Seth M. Schwartz, Jonathan Frank, Edward Flis, Skadden Arps Slate Meagher & Flom LLP, for Defendant Asset Alliance Corporation.


MEMORANDUM OPINION (Corrected)

KAPLAN, District Judge.

This is a private securities action based on an alleged valuation fraud involving three hedge funds.

Over the course of October and November 2002, the funds' managers made a series of disclosures revealing that the net asset values of the funds had declined from the values reported as of August 31, 2002. Each subsequent disclosure revealed that...

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