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Infinity Q Diversified Alpha Fund Class Action Lawsuit

Company Name
Infinity Q Diversified Alpha Fund
Stock Symbol
IQDAX; IQDNX
Class Period
December 21, 2018 to February 22, 2021
Motion Deadline
April 26, 2021
Court
Eastern District of New York
14 days left to seek lead plaintiff status

Case Summary

The Infinity Q Diversified Alpha Fund class action lawsuit charges Infinity Q Diversified Alpha Fund’s registrant, issuer, investment advisor, and certain of its officers and trustees with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Infinity Q Diversified Alpha Fund Investor Class shares (IQDAX) or Infinity Q Diversified Alpha Fund Institutional Class shares (IQDNX) between December 21, 2018 and February 22, 2021, inclusive (the “Class Period”).  The Infinity Q Diversified Alpha Fund class action lawsuit was commenced on February 26, 2021 in the Eastern District of New York and is captioned Yang v. Trust for Advised Portfolios, Infinity Q Capital Management, LLC, No. 21-cv-01047.

Infinity Q Diversified Alpha Fund is a mutual fund providing exposure to several strategies often referred to as “alternative” or “absolute return” strategies.  Infinity Q Diversified Alpha Fund generally intends to have a low average correlation to the equity, fixed income, and credit markets.  Infinity Q Diversified Alpha Fund’s portfolio includes swap instruments (the “Swaps”) for which Infinity Q Diversified Alpha Fund’s investment advisor calculates fair value using models provided by a third-party pricing vendor.

The Infinity Q Diversified Alpha Fund class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Infinity Q Diversified Alpha Fund’s Chief Investment Officer made adjustments to certain parameters within the third-party pricing model that affected the valuation of the Swaps held by Infinity Q Diversified Alpha Fund; (ii) consequently, Infinity Q Diversified Alpha Fund would not be able to calculate Net Asset Value (“NAV”) correctly; (iii) as a result, Infinity Q Diversified Alpha Fund’s previously reported NAVs were unreliable; (iv) because of the foregoing, Infinity Q Diversified Alpha Fund would halt redemptions and liquidate its assets; and (v) as a result, Infinity Q Diversified Alpha Fund’s prospectuses were materially false and/or misleading and failed to state information required to be stated therein.

On February 22, 2021, Infinity Q Diversified Alpha Fund’s investment advisor, Infinity Q Capital Management, LLC (“Infinity Q”), filed a request with the U.S. Securities and Exchange Commission (“SEC”) for an order pursuant to Section 22(e)(3) of the Investment Company Act of 1940 suspending the right of redemption with respect to shares of Infinity Q Diversified Alpha Fund, effective February 19, 2021, because of Infinity Q’s inability to determine Infinity Q Diversified Alpha Fund’s NAV.  The request also stated that Infinity Q Diversified Alpha Fund was liquidating its portfolio and distributing its assets to shareholders.  The request stated, in pertinent part, that “[o]n February 18, 2021, based on information learned by [SEC] staff and shared with Infinity Q, Infinity Q informed [Infinity Q Diversified Alpha Fund] that Infinity Q’s Chief Investment Officer had been adjusting certain parameters within the third-party pricing model that affected the valuation of the Swaps.”

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Infinity Q Diversified Alpha Fund Investor Class shares (IQDAX) or Infinity Q Diversified Alpha Fund Institutional Class shares (IQDNX) during the Class Period to seek appointment as lead plaintiff in the Infinity Q Diversified Alpha Fund class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Infinity Q Diversified Alpha Fund class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Infinity Q Diversified Alpha Fund class action lawsuit.  An investor’s ability to share in any potential future recovery of the Infinity Q Diversified Alpha Fund class action lawsuit is not dependent upon serving as lead plaintiff.  If you wish to serve as lead plaintiff of the Infinity Q Diversified Alpha Fund class action lawsuit or have questions concerning your rights regarding the Infinity Q Diversified Alpha Fund class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Infinity Q Diversified Alpha Fund class action lawsuit must be filed with the court no later than April 26, 2021.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

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