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Kornitzer Capital Management (KCM) Sanctioned by the SEC for Breach of Fiduciary Duty
Despite warnings by board members, CEO John Kornitzer and KCM left investors behind by ignoring their own funds’ policies and packing them with a single, high-risk asset. Instead of the 10% maximum specified by policy, KCM allowed four of its Collective Investment Trusts (CITs) to acquire concentrations from 30% to as much as 89% in Lions Gate Entertainment. When that stock dropped significantly, investors lost big.
If you are an investor who purchased a KCM product, contact us to find out if you have a case that could help you recover losses due to securities mismanagement.