Hard Rock Condo Buyers Ask 9th Circ. To Revive Fraud Suit

Law360, Los Angeles (June 4, 2013, 8:33 PM EDT) -- Buyers of condominium-style units at downtown San Diego's Hard Rock Hotel urged the Ninth Circuit on Tuesday to revive their putative securities fraud class action against the hotel’s operator Tarsadia Hotel, saying they lost millions of dollars because Tarsadia misrepresented the units as an investment opportunity.

The buyers' attorney Michael Aguirre argued that Tarsadia did not register the offering of the units with the U.S. Securities and Exchange Commission or the California Department of Corporations as part of a scheme to avoid regulatory oversight. The studios...
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