The Pomerantz Haudek Grossman & Gross law firm has filed a lawsuit against the MF Global Holdings, commonly referred to as MF Global. MF Global seems to be having terribly bad luck within this past year. It is believed that the company’s demise began in 2009 and continued to get worse as the years have passed. Now the company is dealing with a lawsuit from one of the most prestigious law firms in the New York area.
In the complaint against MF Global, it is alleged that the defendants provided false statements to the Pomerantz law firm. They did not mention that their company was in debt and falling through along with many other misleading information provide by the company to the law firm.
The credit rating for MF Global has also dropped dramatically in the month of October 2011. Meanwhile, the company has released reports that they have lost at least $186 million when the quarter ended in September. It has also been exposed that the company, MF Global, is in some serious debt.
In late October, Standard & Poor made their own separate announcement stating that they are considering making a downgrade to the status of MF Global due to its major debt. After Standard & Poor released this statement, Fitch Rating also downgraded the companies status to junk status. They claim the reason for the downgrade is because the company took major risks that should not have been made and now MF Global is deteriorating.
MF Global shared have been traded since the beginning of November 2011. The shares also declined by $0.97 percent. This decline means a full decrease of about 79%. A report made in the Wall Street Journal claims that the company has been using manipulation tactics and has been lying about many things. Aside from manipulation and lies, many false statements have been made by this company which discredits them completely.
The Pomerantz law firm, who is suing the MF Global company because of their lies, manipulation, and false statements, is located in several different spots in the United States. Offices for this law firm are located in New York, Washington D.C., and Chicago too. The law firm was first established by Abraham L. Pomerantz over 70 years ago. While this firm has been in business for over 70 years, it continues to grown and expand and is quite successful in th United States. The law firm works with people who have had to deal with security fraud and other forms of misconduct. This law firm is known for being prestigious and is one of the best of its kind. Many people agree that is is entirely unfair how the law firm was mislead by MF Global and their sneaky practices.