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Kirby McInerney Investigates So-Called “Collateral Yield Enhancement” or “CYES” Options Trading Strategy Which Caused Significant Losses to High Net Worth Clients of Merrill Lynch, Morgan Stanley, and Other Firms

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Investors injured by overly risky account “overlay” may have
meritorious arbitration claims.

Adequacy of disclosures and level of portfolio margining and
diversification are investigated.

NEW YORK–(BUSINESS WIRE)–$BAC #investorrights–Investor rights attorneys at the law firm of Kirby
McInerney LLP
are investigating potential securities arbitration
claims against Merrill
Lynch
(NYSE: BAC),
Morgan
Stanley
(NYSE: MS)
and other financial advisory firms in connection with a risky options
trading strategy – dubbed the Collateral Yield Enhancement Strategy or
CYES – which caused substantial losses to numerous high net worth
clients.

Injured investors may have meritorious securities arbitration claims and
are urged to contact Kirby McInerney partner Mark
A. Strauss
at 212-371-6600 or by email at mstrauss@kmllp.com
for a free consultation.

Iron-Condor options trading strategy causes steep investor losses

The Collateral Yield Enhancement Strategy involved borrowing against or
“margining” investors’ conservative stock or bond portfolios to invest
in “Iron Condor” options trading structures managed by a third-party
investment advisory firm, Harvest
Volatility Management
. An Iron Condor is a well-known trading
strategy that involves a pair of options “spreads.”

Harvest’s Iron Condors involved selling or “writing” short-dated “out of
the money” call and put options on the S&P 500 Index, while
simultaneously buying call and put options on that Index which were
further “out of the money”. The objective was to generate income through
the premiums received on the options that were sold, while containing
risk and minimizing losses through the options that were purchased.

Financial advisors and private wealth managers promoted the CYES
strategy to high net worth and ultra-high net worth clients as a safe
account “overlay” which would boost returns with minimal risk, and which
would perform best in periods of low stock market volatility.

In December 2018, however, the stock markets experienced large price
swings and surging volatility, resulting in massive losses for investors
in the CYES options trading strategy.

In the aftermath, on April 22, 2019, investment management firm Victory
Capital announced that it was withdrawing from a deal to acquire Harvest
for roughly $300 million. Apparently, due to the substantial account
drawdowns that CYES investors suffered, Harvest’s revenues (which are
based on the amount of assets under management) had declined by more
than 20%, thus triggering the termination
clause
of Victory’s acquisition agreement. Indeed, Victory Capital
cited “recent adverse market conditions affecting [Harvest]’s largest
investment strategy” – which was CYES – as the reason for nixing
the deal
.

In addition, numerous investors reportedly filed arbitration complaints
with the Financial Industry Regulatory Authority (FINRA) to recoup their
losses.

Adequacy of risk disclosures investigated

Attorneys at Kirby
McInerney
with substantial experience litigating complex securities
matters are investigating whether investors in the Collateral Yield
Enhancement Strategy options trading strategy were misled by their
financial advisors or private wealth managers as to the strategy’s risks
– both before investing and on a continuing basis as market volatility
showed signs of increasing.

Also being investigated is whether, as a result of their CYES options
trading positions, client accounts were overleveraged through excessive
use of portfolio margin or were inadequately diversified, and whether
the Iron Condor options structures utilized were appropriately staggered
and laddered to minimize risk and avoid excessive losses.

It is believed that investors injured by the CYES options trading
strategy include high net worth and ultra-high net worth clients of Merrill
Lynch
, Morgan
Stanley
, Charles
Schwab
(NYSE: SCHW),
and Fidelity,
as well as of independent Registered Investment Advisors (RIAs)
affiliated with the investment clearinghouse BNY
Mellon Pershing
(NYSE: BK).
All are firms which reportedly partnered with Harvest to offer the CYES
account “overlay”, according to a March
2017 article on FINalternatives.com
.

If you suffered losses investing in the CYES options trading strategy
and would like to discuss your legal rights – including the possibility
of filing an arbitration complaint with FINRA – please contact attorney Mark
A. Strauss
of Kirby McInerney at 212-371-6600 or by email at mstrauss@kmllp.com.
The consultation is free; there is no cost to you.

About Kirby McInerney LLP

Kirby
McInerney LLP
is a New York-based law firm representing plaintiffs
in securities, whistleblower, antitrust, and consumer litigation
throughout the country. The firm is committed to the aggressive pursuit
of justice and championing the rights of investors through arbitrations,
class actions, and individual lawsuits. The firm’s efforts on behalf of
investors in securities litigation and arbitration have resulted in
recoveries totaling billions of dollars. The firm has been profiled by
Law360.com as one of the “Most
Feared Plaintiffs’ Firms
,” and named to The National Law Journal’s
Plaintiffs’ Hot List. Additional information about the firm can be found
on the firm’s website at www.kmllp.com.

This press release may be considered Attorney Advertising in some
jurisdictions under applicable law and rules of professional
responsibility. Prior results do not guarantee similar outcomes.

Contacts

Mark A. Strauss, Esq.
Kirby McInerney LLP
250 Park Avenue,
Suite 820
New York, N.Y. 10177
Tel: (212) 371-6600
www.kmllp.com
mstrauss@kmllp.com

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Business Wire

Bin Zayed Group’s global oil chain and BBOSS reached a strategic cooperation

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NEW YORK–(BUSINESS WIRE)–Recently, Top investment master in the world, Prince of Abu Dhabi, Chairman of the Board of Directors of the Bin Zayed Group, His Excellency Sheikh Khaled Bing Zayed Al Nahyan, Chairman of the Board of Directors of the Abu Dhabi Sovereign Fund, chaired the “Global refueling chain OPC Strategic Cooperation Seminar” in Bangkok, Thailand. The Bin Zayed Group, a partner from 50 countries around the world, held a one-day strategic discussion on the use of the BBOSS accounting tool to launch the global refueling chain. Finally reached a consensus that the OPC global refueling system uses the BBOSS accounting tool as a third-party tool for OPC points.

Liu Shijiang, secretary general of the China Aviation Rescue Alliance, attended the seminar and reached a strategic cooperation intention on the cooperation between the Air Rescue Association and OPC.

(BIN ZAYED GROUP, (BZG),) is a global oil, energy, bank, finance, real estate, top hotel, antique and cultural relics investment enterprise founded by Prince Sheikh Khaled Bin Zayed Al Nahyan. Its “Abu Dhabi sovereign fund”, with a size of $1.3 trillion (10 trillion yuan), once ranked first in the world and now ranks second in the world.

The global refueling chain project launched by the Bin Zayed Group is the first subdivided market project based on block chain technology to solve the problem of gas stations. This project not only solves the problem of expensive refueling, The problem of the number of passengers at gas stations is due to the use of the BBOSS points tool to give all participants more benefits. The global network of global refueling chain projects will make full use of the BBOSS accounting tool, meaning that the physical application of BBOSS tools is rapidly expanding to more areas around the world.

The cooperation with the China Aviation Rescue Alliance also applies the oil chain to people’s livelihood, refueling BBOSS Token to let more consumers feel the convenience and benefits of BBOSS accounting tools to their lives.

Contacts

Jan Liu

Jan@globalnews.com

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Business Wire

IMPORTANT INVESTOR ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Textron Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

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LOS ANGELES–(BUSINESS WIRE)–$TXT #TXTThe Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Textron Inc. (“Textron” or “the Company”) (NYSE: TXT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s shares between January 31, 2018 and October 17, 2018, inclusive (the ”Class Period”), are encouraged to contact the firm before October 21, 2019.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Textron suffered from slowing end-market sales of Arctic Cat products, leaving the sales channel filled with excess inventory. The Company provided significant discounts in an effort to clear the aging inventory, which impacted its earnings. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Textron, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

Contacts

The Schall Law Firm

Brian Schall, Esq.

www.schallfirm.com

Office: 310-301-3335

Cell: 424-303-1964

info@schallfirm.com

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Business Wire

IMPORTANT INVESTOR ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Textron Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

Business Wire

Published

on

Reading Time: 2 minutes

LOS ANGELES–(BUSINESS WIRE)–$TXT #TXTThe Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Textron Inc. (“Textron” or “the Company”) (NYSE: TXT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s shares between January 31, 2018 and October 17, 2018, inclusive (the ”Class Period”), are encouraged to contact the firm before October 21, 2019.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Textron suffered from slowing end-market sales of Arctic Cat products, leaving the sales channel filled with excess inventory. The Company provided significant discounts in an effort to clear the aging inventory, which impacted its earnings. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Textron, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

Contacts

The Schall Law Firm

Brian Schall, Esq.

www.schallfirm.com

Office: 310-301-3335

Cell: 424-303-1964

info@schallfirm.com

Continue Reading

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