Possible Stock Fraud and bad advice from online - what are my legal options if any?

[jissues]

Hi, my question is related to stock fraud. I bought a stock last year based on an online stock advice website, I believe it is fairly well known. The problem is the author of the article who recommended it didn't obviously research the company very well before recommended it. There was a lot of news about this stock and he probably just jumped on the ban wagon without doing his research... Well anyway, I bought it, I apparently didn't do my research very well either, but within a month the stock had plummeted overnight. The company closed trading for a month and when it reopened it was worthless. I am wondering the legal rights I have to sue either the advice column or the company itself? Do I have any rights whatsoever or I am pretty much SOL? Please note that this company is in China, but the column is in the USA. And the stock was listed on the American Stock Exchange. It is now in the pink sheets and is worth pennies. The only things I have tried to do was phone the company in China, of course no one answers the phone, and I tried to contact the column they don't want to reply, but they keep writing bad articles I am sure. This company by the way, the stock that is, has a current class action suit going on, and it is unrelated to this. What can I do? Anything? Thanks

 

[Zigner]

Hi, my question is related to stock fraud. I bought a stock last year based on an online stock advice website, I believe it is fairly well known. The problem is the author of the article who recommended it didn't obviously research the company very well before recommended it. There was a lot of news about this stock and he probably just jumped on the ban wagon without doing his research... Well anyway, I bought it, I apparently didn't do my research very well either, but within a month the stock had plummeted overnight. The company closed trading for a month and when it reopened it was worthless. I am wondering the legal rights I have to sue either the advice column or the company itself? Do I have any rights whatsoever or I am pretty much SOL? Please note that this company is in China, but the column is in the USA. And the stock was listed on the American Stock Exchange. It is now in the pink sheets and is worth pennies. The only things I have tried to do was phone the company in China, of course no one answers the phone, and I tried to contact the column they don't want to reply, but they keep writing bad articles I am sure. This company by the way, the stock that is, has a current class action suit going on, and it is unrelated to this. What can I do? Anything? Thanks

Sorry - US law only!

 

[justalayman]

I apparently didn't do my research very well either,

that says it all.


No stock broker or analyst guarantees any stock will perform in any specific manner and especially one that had no duty to you.

 

[jissues]

The question is about US law, the company is in China, but the stock was listed on the American Stock Exchange. It is a US law question.

The writer of the article should take some responsibility for giving bad advice to it's readers, period. I researched the stock, the financials looked solid. The analyst should have done more research than we because they have more tools at their disposal.

 

[Silverplum]

The question is about US law, the company is in China, but the stock was listed on the American Stock Exchange. It is a US law question.

The writer of the article should take some responsibility for giving bad advice to it's readers, period. I researched the stock, the financials looked solid. The analyst should have done more research than we because they have more tools at their disposal.

Well, when you find a law in your US state, or US Federal law that supports your feelings, let us know, ok? That'd be great.


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[justalayman]

The question is about US law, the company is in China, but the stock was listed on the American Stock Exchange. It is a US law question.

The writer of the article should take some responsibility for giving bad advice to it's readers, period. I researched the stock, the financials looked solid. The analyst should have done more research than we because they have more tools at their disposal.

so, if I said:



pssst, I gotta stock tip for ya



and you act on it, I'm somehow liable to you if it doesn't perform as I said it would?


get real buddy. You are liable for failing to perform your due diligence and independently investigate the stock before buying into it.
Now, if you paid a stock broker or analyst to recommend a stock and prove they fraudulently advised you (not simply they were flat out wrong because they are stupid), then you have something. Is that the relationship you had with the writer? If not, this is on you and your failure to research what you were throwing your money at.

 

[eerelations]

OK lemme get this straight - you got bad advice about stocks from an online site, and this causes you to go to a different online site to get advice on suing the first online site? Hmmm.

 

[jissues]

Wow this forum is sooooooooooooooooooooooooooo useful it's unbelievable!! Thank you soooooooooooooooooooo much guys for your suck helpful advice. I mean, really! Can you hear the sarcasm?!

First of all I asked two questions... Ok, so we covered the first one, I got bad stock advice and I jumped on it and I can't do anything about it, I got it, I don't think you could make it any clearer, really!

Secondly, I asked is it possible to find a lawyer to help me sue the company directly. As I said this company seems to have been doing something under the table. I need to get advice on what I can do if indeed they have been doing something illegal, and I suspect they have as they already have one ongoing class action suit against them. If this forum cannot provide advice then that's fine, but you don't need to get all nasty and get rude with me administrators of the site or not, that's just bad taste!

1. The company is in China, however, their stock was listed on the NYSE, and now downgraded to the pink sheets. They have a US office. So.. if I wanted to persue this whom would I contact? I don't need any more wise cracks and uninformative or other garbage information at this time, thanks.

 

[LeeHarveyBlotto]

Secondly, I asked is it possible to find a lawyer to help me sue the company directly.

Based on your earlier posts, among other problems, you would be suing a company that appears to be broke. Litigation against broke parties is rarely a proposition that yields much benefit.

 

[jissues]

Thank you for the reply.

Well, the company might be broke but not the originally share holders.. But I probably can't go after them... You are probably right, but I would like to try...

 

[LeeHarveyBlotto]

Well, the company might be broke but not the originally share holders.. But I probably can't go after them... You are probably right, but I would like to try...

I understand the sentiment, but the term "throwing good money after bad" is what pops into my head.

 

[jissues]

I understand the sentiment, but the term "throwing good money after bad" is what pops into my head.

mmmm yeah... and my guess is that any legal consultation would end up costing me more than what I have already lost... basically as an investor we get the bottom end and have no legal recourse when companies do illegal things...

 

[sandrakay]

It’s true that many of the companies cheat, but in the case of stocks they won’t do that. Did you receive any notifications after you bought the stock either in writing or else by mail? Do you have any proof, or contact details other than phone number. And the most important factor is there will be both increase and decrease of the stock, it all depends upon the stocks we buy and also the stock market. Anyway you can consult specialist lawyer for more advice.

 

[eerelations]

"...you got bad advice about stocks from an online site, and this causes you to go to a different online site to get advice on suing the first online site? Hmmm."

Wow this forum is sooooooooooooooooooooooooooo useful it's unbelievable!! Thank you soooooooooooooooooooo much guys for your suck helpful advice. I mean, really! Can you hear the sarcasm?!

I rest my case.