Advanced Equities Fined Over Allegations of Failure to Disclose Information Concerning Fisker Automotive Private Placements

Our firm has covered the supervisory and due diligence failures concerning the sale and recommendation of Advanced Equities private placement since the SEC brought charges against the firm and its principals for selling one of its products by making material misrepresentations to investors. We also represent numerous clients who have unfortunately invested in these products that were alleged to have been sold as “late-stage private equities” by First Allied Securities brokers among others. Below are posts with additional information concerning these products.

• Gana Weinstein LLP Files Claim Against First Allied Concerning Advanced Equities Private Placements
• Advanced Equities and First Allied Sales of Fisker Automotive Private Placements Under Scrutiny – Part I
• Advanced Equities and First Allied Sales of Fisker Automotive Private Placements Under Scrutiny – Part II
• First Allied Securities Has Been Accused of Selling Advanced Equities Securities By Misleading Investors

Advanced Equities sold dozens of companies that were allegedly advertised as likely to have an initial public offering (IPO) within 12-36 months. In fact, it has been alleged that these companies were developing novel technologies that could not reasonably be considered “late stage” private equities. Many of the companies have been alleged to have been severely over valued and lacked any real revenue to justify the representations made. The Advanced Equities investments include, Bloom Energy. Amyris Biotechnologies, EdenIQ, Luxtera, Motricity, Presto, Range Fuels, Suniva, Teneros, Xsigo, Agami Systems, Alien Technology, eAsic Corporation, Fisker Automotive, Foveon, Metricstream, NetXen, Peregrine Semiconductor Corp, and RMI Semiconductor.

Recently, FINRA shed additional light on Advanced Equities withholding of material information concerning Fisker Automotive leading to a $250,000 fine of the defunct brokerage firm. FINRA found that between approximately November 1, and December 1, 2011, AEI, failed to identify material information and correct omissions of material facts made by the issuer in connection with a private placement offering.

To be continued in Part II…

The attorneys at Gana Weinstein LLP are experienced in representing investors concerning Advanced Equities private placements. Our consultations are free of charge and the firm is only compensated if you recover.