Investor Alert
Bird Flu Stock Scam Could Be Hazardous To Your Financial Health
NASD is issuing this Alert to warn investors that fax and email investment scams may hold out the promise of large gains for companies with products and services aimed at fighting bird flu.
The Alert explains how investors can spot and protect themselves from investment scams involving companies that claim to have products and services that fight the Bird Flu. One example includes a fax stating a company "has the solution for tracking and containing the Bird Flu virus." Citing the enormous cost of fighting the Bird Flu, the fax claimed the stock was "positioned to gain 250% or more Short-Term." The fax went on to urge investors not to miss out on a stock that was "clearly missed by Wall Street."
The Alert urges investors to:
- Investigate before investing.
- Find out who sent the message.
- Find out where the stock trades.
- Read a company's SEC filings.
To learn about this scam and how to protect yourself, read our Alert.
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Investor Information
New Investor Claims Funds
Three new investor claims funds have been established in connection with NASD enforcement actions related to improper sales of mutual fund Class B and Class C Shares. NASD has posted a special section on its Web site — Improper Sales of Mutual Fund Class B and Class C Shares - Remediation Information for Investors — to assist the almost 30,000 investors covered by the remediation plans.
The sanctioned firms will contact affected customers within five months. Those customers will be given the opportunity to convert their Class B or Class C shares to Class A shares in a way that will restore the customers to the position they would have been in had they originally purchased Class A shares. Affected customers who have sold some or all of their Class B or Class C shares will be eligible to receive a cash payment in addition to, or instead of, receiving Class A shares.
Each firm will establish a response center to assist affected customers. The entire remediation process is expected to take approximately nine months to complete.
Read the News Release:
Past Issues of Investor News Available
In response to numerous requests, previous issues of Investor News are now available on our Web site.
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