Omni Bridgeway Class Action: Second Time AVZ Chairman John Clarke Faces Class Action Regarding Non-Disclosure, page-6

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morningsuits5

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08/11/23

06:45

Post #: 70776221
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Originally posted by morningsuits5: ↑

It appears that the Omni Bridgeway Class Action is not the first faced by AVZ Chairman John Clarke.

Below is an extract from a Class Action Complaint in the UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK in which John Clarke was a named Defendant:

"This is a federal securities class action arising out of Defendants’ deliberate and unlawful
conduct to promote and mislead investors and the public to believe that Banro’s operations in the
Democratic Republic of the Congo (“DRC”) were stable and free from interference. Defendants
touted and assured investors that Banro had obtained operational stability in the DRC by forming
close and sustainable relationships with the local communities. Indeed, Defendants represented
that Banro’s operations in the Eastern DRC were free of the instability that had plagued the
region for some time — all for the purpose of deceiving investors and artificially inflating
Banro’s stock price."

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The lawsuit alleges that Clarke engaged in a “fraudulent scheme” to mislead investors about the viability of the project. The lawsuit alleges that he did so to retain his “lucrative salary”, noting that he lobbied for a major refinancing in early 2017 and repeatedly emphasized the project’s viability.

AVZ Price at posting: 78.0¢ Sentiment: None Disclosure: Not Held
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Omni Bridgeway Class Action: Second Time AVZ Chairman John Clarke Faces Class Action Regarding Non-Disclosure, page-6

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