Marex Group PLC inflated financial figures through off-book intercompany transactions and other accounting practices, a pair of investor-proposed class actions said.
The lawsuits, filed in the US District Court for the Southern District of New York, allege these practices painted a rosier picture of the financial services firm’s fiscal results to those acquiring or short-selling its shares before a short-seller report levied financial reporting accusations in August.
Both suits seek damages for alleged Securities Exchange Act of 1934 violations by Marex, CEO Ian Lowitt, and Chief Financial Officer Rob Irvin.
They were each filed Thursday, one the day after Marex ...
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