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October 1, 2020 - The court preliminarily approved the settlement.
October 7, 2019 - A stipulation and agreement of settlement was entered by the parties.
August 2, 2018 - The Court of Appeals reversed in part the decision of case dismissal.
April 3, 2017 - A notice of appeal was filed.
March 6, 2017 - The court granted the defendants' motion to dismiss.
August 19, 2016 - A motion to dismisses the second amended complaint was filed.
April 4, 2016 - A second amended complaint was filed.
March 23, 2016 - An amended complaint was filed.
October 15, 2015 - An investor in shares of 6D Global Technologies Inc (NASDAQ: SIXD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by 6D Global Technologies Inc in connection with certain allegedly false and misleading statements made between November 3, 2010 and September 10, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of 6D Global Technologies Inc (NASDAQ: SIXD) common shares between November 3, 2010 and September 10, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 3, 2010 and September 10, 2015 defendants issued materially false and misleading statements to investors and/or failed to disclose that 6D Global Technologies Inc had deficient internal controls, that the lack of internal controls allowed Defendant Benjamin Wei to exert influence and control over the Company, that 6D Global Technologies Inc was engaged in improper and undisclosed material related party transactions, that the Defendants were engaged in a scheme to manipulate the Company’s stock price, and that as a result, the Company’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. 6D Global Technologies Inc reported that its annual Total Revenue rose from $4.82 million in 2012 to $11.80 million in 2014 and that its Net Loss of $7.30 million in 2012 turned in a Net Income of $0.47 million in 2014.
On September 8, 2015, the DOJ indicted the CEO of New York Global Group, Benjamin Wey, on charges of securities fraud, stock manipulation, money laundering, and wire fraud. Then two days later Benjamin Wey was arrested and the SEC filed a civil action against him, New York Global Group, and certain other defendants for their roles in an alleged fraudulent scheme to obtain and profit from undisclosed, controlling ownership interests in several U.S. companies spawned via “reverse Chinese mergers,” including 6D Global Technologies Inc, that were secretly controlled by Benjamin Wey and New York Global Group.
On September 10, 2015, NASDAQ halted trading in 6D Global Technologies Inc for additional information requested.