Zwerling, Schachter & Zwerling, LLP Appointed Interim Co-Lead Plaintiffs’ Counsel in Provident Royalties–Related Litigation Pending in the United States District Court for the Northern District Of Texas (Dallas Division)

On November 5, 2009, the Honorable Royal Furgeson consolidated actions 09-cv-01568 and 09-cv-01646 pending in the United States District Court for the Northern District of Texas (Dallas Division), establishing a consolidated action, Billitteri v. Securities America, Inc., et al. (Provident Royalties Litigation) and appointed Zwerling, Schachter & Zwerling, LLP (“ZSZ”) as Interim Co-Lead Plaintiffs’ Counsel.

ZSZ previously filed a class action on behalf of all persons and entities who, from September 1, 2006 until January 31, 2009 (the "Class Period"), purchased or acquired partnership interests, preferred stock, or other securities issued by certain affiliates of Provident Royalties LLC, including corporations designated as "Provident Royalties" or "Shale Royalties." The securities were sold by various broker-dealers through a series of 21 private placement offerings (the "Offerings"). Investors were promised a high rate of return and told that their funds would be invested in the oil and gas business, including acquiring real estate, oil and gas leases and mineral interests, and conducting exploration and development activities. The complaint alleges that investors were not told, among other things, that their funds were commingled with funds received from other investors in connection with other Offerings and that later investors' funds were used to pay "dividends" and "returns of capital" to earlier investors in the Provident companies.

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