SAN FRANCISCO, April 06, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Infinity Q Diversified Alpha Fund (NASDAQ:IQDAX, IQDNX)) (the “Fund”) investors with significant losses to submit your losses now. A securities fraud class action with an April 27th lead plaintiff deadline has been filed after advisor Infinity Q Capital Management admitted to mispricing the Fund’s NAV resulting in the Fund being liquidated. Contact us to discuss your potential ability to be a lead plaintiff.
Infinity Q Diversified Alpha Fund (NASDAQ:IQDAX, IQDNX)) Securities Fraud Class Action:
The complaint alleges defendants misrepresented and concealed that (1) the Fund’s Chief Investment Officer manipulated variables going into valuation of significant Fund assets, (2) as a consequence, the Fund and its advisor would not be able to correctly calculate the Fund’s net asset value (“NAV”), (3) previously reported NAVs were unreliable, and (4) because of the foregoing the fund would halt redemptions and liquidate assets.
The truth emerged on Feb. 22, 2021, when Bloomberg published an article entitled “Mutual Fund Locks Out Founder After SEC Questions Swaps Pricing” reporting that the fund’s advisor (1) cut off founder, majority owner, and CIO James Velissaris’ access to accounts and trading, and (2) had verified that Velissaris did in fact access and alter the third-party valuation models pertaining to hundreds of millions of dollars of swaps.
Most recently, on Mar. 29, 2021 Institutional Investor reported that as of Mar. 25, 2021, Infinity Q calculated the NAV for the fund to be $1.25 billion, about $477.7 million (27%) lower than the Feb. 18, 2021 NAV calculation.
“We’re focused on investors’ losses and proving defendants intentionally inflated the fund’s NAV,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Infinity Q Diversified Alpha Fund investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Infinity Q Diversified Alpha Fund should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IQDAX@hbsslaw.com.
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Reed Kathrein, 844-916-0895