Robbins LLP: 6D Global Technologies, Inc. (SIXD) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed in the United States District Court for the Southern District of New York. The complaint alleges that officers and directors of 6D Global Technologies, Inc. (NASDAQCM: SIXD) violated the Exchange Act between November 3, 2010 and September 10, 2015, by making materially false and misleading statements about 6D Global’s business prospects. 6D Global provides digital business solutions serving the digital marketing and technology needs of top tier organizations worldwide.
6D Global Engages in Stock Manipulation Scheme
According to the complaint, between 2010 and 2015, 6D Global filed several Form 10-Qs and Form 10-Ks with the U.S. Securities and Exchange Commission, attesting to the accuracy of the financial statements. The complaint alleges that these documents were misleading because they failed to disclose several adverse facts pertaining to the company’s business and operations. Specifically, company officials failed to disclose that the company had deficient internal controls, was engaged in improper related party transactions, and was engaged in a stock manipulation scheme.
Three actions were filed against many company officials bringing to light different aspects of these allegations. These actions included an indictment by the U.S. Attorneys for the Southern District of New York alleging stock manipulation and fraud, and an SEC action alleging that company officials participated in a scheme to profit from an undisclosed controlling ownership interest in several U.S. companies created by reverse mergers, including 6D Global. A 6D Global institutional investor brought a private action alleging that 6D Global induced it to enter into a Stock Purchase Agreement by making false statements and omitting critical information. On September 10, 2015, NASDAQ halted trading of 6D Global securities, freezing the stock price at $2.90. To date, trading in the company’s stock remains halted, making the company’s stock illiquid and virtually worthless, damaging investors.
6D Global Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.