CORAL SPRINGS, Fla., June 8, 2006 (PRIMEZONE) -- The Securities Law Firm, Blum & Silver, LLP, (www.stockattorneys.com) announced today that it has won a significant arbitration award before the National Association of Securities Dealers, Inc. ("NASD") on Case No. 2004-01758. A securities arbitration panel awarded approximately $3.3 million to former customers of Janney Montgomery for improperly investing their money in mutual funds and stocks including Cree, Inc. This Floridian family had filed a complaint against Janney Montgomery in 2004 after losing money in investments such as Cree, Inc. The arbitration panel found Janney liable for failure to supervise, the inappropriate concentration of investments, breach of contract and breach of fiduciary duty.
The sole purpose of this release is to investigate, on behalf of our clients, sales practice violations of licensed brokers at major Wall Street brokerage firms, including Janney Montgomery. Blum & Silver, LLP is pursuing arbitration claims before the NYSE and the NASD for securities violations including over-concentration, failure to supervise, negligence, unsuitability claims, misrepresentation and material omissions of fact and trading activities of low-priced securities. Blum & Silver, LLP would greatly appreciate any information from other investors concerning the method or process used by various major brokerage firms with regard to clients' trading activity and the handling of their accounts.
The Law Offices of Blum & Silver, LLP is a nationally-recognized securities law firm headquartered in Coral Springs, Florida. The primary focus of the firm is representing investors worldwide with their claims for losses due to stockbroker misconduct and brokerage firm negligence in securities litigation and arbitration matters. The firm is the lead counsel in numerous securities arbitration cases against many brokerage firms. If you wish to discuss this announcement or have information relevant to our securities arbitration claims, please contact Darren C. Blum, Esq. of Blum & Silver, LLP, at 1-877-STOCK LAW (1-877-786-2552) or visit us on the web at www.stockattorneys.com.
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