Harbinger, Falcone Say SEC's Fraud Claims Fail

Law360, New York (December 3, 2012, 4:05 PM EST) -- Harbinger Capital Partners LLC and founder Philip Falcone asked a New York federal court on Friday to dismiss a U.S. Securities and Exchange Commission fraud suit against them, saying the claims fail because the regulator alleges no misrepresentations, omissions or illegal profits.

In a memorandum in support of their motion to dismiss, the defendants say the SEC accuses them of engaging in an illegal “short squeeze,” a form of market manipulation that occurs when a trader restricts the supply of a security with the intention of...
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Case Title

Securities and Exchange Commission v. Falcone et al


Case Number

1:12-cv-05027

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Date Filed

June 27, 2012

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