LOS ANGELES–(BUSINESS WIRE)–$IQDAX #investors—The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Infinity Q Diversified Alpha Fund (“Infinity” or the “Company”) (NASDAQ: IQDNX, IQDAX) concerning whether the board breached its fiduciary duties to shareholders.
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The Securities and Exchange Commission (“SEC”) is currently investigating whether Infinity Q’s chief investment officer (“CIO”) improperly adjusted certain valuation models used to price swap contracts held by the Fund, potentially resulting in incorrect valuations being reported to investors. The company has stated that it has “verified that [its CIO] did access and alter the third party’s valuation models but has not yet assessed the impact of those alterations.”
The Fund’s current portfolio includes swap instruments for which Infinity Q calculates fair value by relying on a third-party pricing vendor. Infinity Q has stated that the value of these swaps constitutes as much as 18% of the Fund’s reported net asset value (“NAV”). Infinity Q has admitted that its CIO made adjustments to certain parameters within the third-party pricing model that affected the valuation of the swaps held by the Fund, and that it has not been able to verify that the previously calculated values were reflective of fair value. The Fund will not be able to publish an accurate NAV for at least several days.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
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If you still hold Infinity shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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