The CEO has been giving me the runaround on delaying the quarterly reports. When I ask for withdrawing half of my investment funds. He is still giving me the runarounds. On the operating agreement it's said I have to give him 180 days before they can release the funds. I just want to know what to do in case if he's just keeping giving me the BS after the time is due.
The quarterly reports has already been 2 quarters late. And whenever I ask for the quarterly reports he sounds likes he having issues with it and keep delaying it. And in the operating agreement it's said if I have any legal disputes I have to go through the arbitration. Do I really have to do that by the book. Since he didn't do what he was suppose to do.
You need to speak with a US attorney so they can review the operating agreement and the investment documents, if any. You may have claims under contract, fiduciary duty, and, possibly most effective, under state and federal securities laws, among others. The determination of your rights, options, and strategy depend on review and more facts. Hire an attorney quickly. Good luck.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
Securities / Investment Fraud Attorney
Believe it or not, I would consider the obligation to arbitrate a good thing, given that pleading requirements for securities fraud in federal court are some of the highest burdens around. Nonetheless, you are bound by that arbitration clause and the other side is bound to honor it. With respect to the gravamen of your claims, you will need an attorney to review your PPMs, subscription agreements and operating agreements, along with any financial statements you may have received. 180 days notice to withdraw isn't totally uncommon, but someone telling you they can't honor the request 180 days ahead is quite telling in my view.
In short, you need to speak with an attorney to address the arbitration of this matter, along with the submission of any complaints to securities regulators or law enforcement.
Happy to assist further.
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.
Depending on the agreements, you may have the right to inspect. It may help to point out the provisions and laws that protect your rights as an investor.
It does not likely matter that you are overseas.
A short (free) consultation with a local lawyer might help. Get in touch! 425 351 9455
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