Greek shipping company NewLead Holdings Ltd. was one of the companies that did deals with Magna. That company’s stock has dropped so far that if you’d bought $3 million of shares in March 2013, just before Magna invested, you would have been left with holdings worth just 10 cents two years later. Adjusted for reverse splits, the shares traded at that time for 20 billionths of a penny -- $0.0000000002.
The case is Securities and Exchange Commission v. Sason, 19-cv-01459, U.S. District Court, Southern District of New York (Manhattan).
This article was provided by Bloomberg News.