FLV Fund litigation continues

Plaintiffs allege that a number of parties, of which FLV Fund is one, participated in a scheme and course of business to defraud he securities market by setting up and financing sham entities designed to enter into bogus software licensing agreements with Lernout & Hauspie (L&H) and thereby artificially inflating L&H’s products. According to the judge the factual allegations drawn from the plaintiffs’ documents are such that a discovery procedure on the alleged violation of the federal Securities Exchange legislation and of the common law may be carried out. FLV has rejected the complaint and is continuing to defend against these allegations.

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