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IQDNX.US
id: 440

Infinity Q Alpha Funds (IQDAX, IQDNX) $48M securities settlement

Supreme
Court
22 Feb 2016
Class period Start
22 Feb 2021
Class period End
06 Feb 2023
Claim deadline
In re Infinity Q Diversified Alpha Fund and Infinity Q Volatility Alpha Fund, L.P. Securities Litigation.

Defendants agreed to pay up to $48 million to settle a securities class action lawsuit to avoid further litigation.

This is a federal securities class action on behalf of all persons and entities who purchased the Infinity Q Diversified Alpha Fund Investor Class shares (IQDAX) or Institutional Class shares (IQDNX) between December 21, 2018, and February 22, 2021, both dates inclusive.

The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
  • 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;
  • consequently, Infinity Q would not be able to calculate Net Asset Value (NAV) correctly;
  • as a result, the previously reported NAVs were unreliable;
  • because of the foregoing, the Fund would halt redemptions and liquidate its assets; and
  • as a result, the Prospectuses were materially false and/or misleading and failed to state information required to be stated therein.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Unit (ETF, ETN, Unit)
Trade Direction
Long
Plaintiffs
Andrea Hunter, David Rosenstein, Neil O’Connor
Attorneys
Boies, Schiller & Flexner LLP (New York, NY), Scott + Scott Attorneys, Rosen Law Robbins Geller Rudman & Dowd LLP (San Diego, CA)
Judge
Hon. Frederic Block
Administrator
Gilardi & Co LLC
Court hearing date
31 January 2023
Settlement conditions
the Infinity Q Diversified Alpha Fund Investor Class shares (IQDAX) or Institutional Class shares (IQDNX)
+$48,000,000
Cash Settlement Amount

Infinity Q Diversified Alpha Fund

The fund pursues its investment objective by aiming to provide exposure to several strategies often referred to as "alternative" or "absolute return" strategies. Absolute return strategies seek to ...

    Ticker
    IQDNX.US
    ISIN
    US89832P7050
    Sector
    Financial
    Industry
    Asset Management
    Country
    USA
    Address
    888 SEVENTH AVENUE, SUITE 3700 NEW YORK NY 10106