PJT Partners Inc.
Robbins Arroyo LLP: PJT Partners Inc. (PJT) Misled Shareholders According to a Recently Filed Class Action
Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against PJT Partners Inc. (NYSE: PJT) in the U.S. District Court for the Southern District of New York. The plaintiff brings the complaint on behalf of all purchasers of PJT Partners securities between November 12, 2015 and March 28, 2016, for alleged violations of the Securities Exchange Act of 1934 by PJT’s officers and directors. PJT Partners Inc., through Park Hill Group, provides various strategic advisory, restructuring and special situations, and fund placement and secondary advisory services to corporations, financial sponsors, institutional investors, and governments worldwide.
PJT Partners Accused of Using Inadequate Fraud-Prevention Controls
According to the complaint, throughout 2015, PJT filed several reports with the U.S. Securities and Exchange Commission (“SEC”), stating that the financial information was accurate and disclosed any material changes to the company’s internal control over financial reporting. Further, PJT touted Park Hill Group in its filings as “a world-leading fund placement agent” and “the only group among its peers with top-tier dedicated equity, hedge fund, real estate and secondary advisory groups.” The complaint alleges that PJT officials failed to disclose that PJT’s compliance and fraud-prevention controls were inadequate, and as a consequence, Andrew W.W. Caspersen, a managing partner at Park Hill Group, perpetrated a criminal scheme to defraud investors of more than $95 million.
On March 28, 2016, Caspersen was fired from his position at Park Hill Group and was charged with securities fraud and wire fraud for scheming to defraud investors of more than $95 million since at least July 2015. The SEC also charged him with defrauding two institutions to invest in a shell company that he controlled. On this news, PJT stock fell $2.81 per share, or 10.62%, to close at $23.66 per share on March 28, 2016. On April 6, 2016, the New York Times published an article reporting that Caspersen “had taken advantage of Park Hill Group’s payment process that allowed him to personally send out invoices to clients” in order to perpetrate his fraudulent scheme.
PJT Partners Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.