The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Infinity Q Diversified Alpha Fund (“Infinity Q” or the “Company”) Investor Class shares or Institutional Class shares between December 21, 2018 and February 22, 2021, inclusive (the “Class Period”). Infinity Q investors have until April 27, 2021 to file a lead plaintiff motion.
On February 23, 2021, The Wall Street Journal published an article entitled, “Investment Firm Halts Redemptions on $1.8 Billion Fund: Infinity Q Capital Management bans its chief investment officer from trading after discovering issues valuing the fund’s holdings”. The article reported that Infinity Q “asked the Securities and Exchange Commission to halt redemptions on one of its mutual funds and forbid its chief investment officer from trading after discovering issues valuing the fund’s holdings.” The article continued to state that, “[t]he fund was unable to calculate an NAV on February 19, 2021, and it is uncertain when the fund will be able to calculate an NAV that would enable it to satisfy requests for redemptions of fund shares[.]”
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Infinity Q’s Chief Investment Officer made adjustments to certain parameters within the third-party pricing model that affected the valuation of the swaps held by the Fund; (2) consequently, Infinity Q would not be able to calculate NAV correctly; (3) as a result, the previously reported NAVs were unreliable; (4) because of the foregoing, the Fund would halt redemptions and liquidate its assets; and (5) as a result, the prospectuses were materially false and/or misleading and failed to state information required to be stated therein.
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If you purchased Infinity Q securities during the Class Period, you may move the Court no later than April 27, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Infinity Q securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.