$97M Oil Securities Claims Tossed A Third Time

Law360, New York (July 8, 2016, 3:46 PM EDT) -- A California federal judge called a third strike on a proposed securities fraud class action Thursday after a third amended complaint against two men who helped sell $97 million worth of interests in bankrupt oil company Tri-Valley Corp. failed to address the "legion" of deficiencies in an earlier filing.

U.S. District Judge Richard Seeborg tossed the suit accusing Behrooz Sarafraz and Alfred Lopez of breach of fiduciary duty, constructive fraud and negligence, saying it did not include the specifics required in an complaint alleging fraud. David Groblebe, who was seeking damages for the alleged unlawful sale of securities, was not granted...

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