Case Page

 

Case Status:    ONGOING    
On or around 10/13/2017 (Ongoing date of last review)

Filing Date: September 22, 2016

According to the law firm press release, the filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was engaging and/or had engaged in conduct that would result in an SEC investigation; (2) that the SEC investigation and the underlying conduct would cause the NYSE to refuse to list the Company’s 43.8 million shares required for the D-Vasive merger; (3) that, as such, the D-Vasive merger would likely not be completed; and (4) that, as a result of the foregoing, Defendants’ statements about MGT’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis

On September 19, 2016, the Company issued a press release announcing that on September 15, 2016 the Company had received a subpoena from the SEC requesting “certain information” from the Company. On this news, MGT’s stock price fell $0.74 per share, or 22.7%, to close at $2.52 per share on September 19, 2016, on unusually heavy trading volume, thereby injuring investors.

On September 20, 2016, MGT issued a press release entitled “MGT Provides Update on Status of D-Vasive Acquisition.” Therein, the Company disclosed that the NYSE informed the Company on September 19, 2016, that the NYSE would not approve the listing of the 43.8 million shares that the Company was required to issue in order to complete the closing of its D-Vasive merger. On this news, MGT’s stock price fell $0.63 per share, or 25%, to close at $1.89 per share on September 20, 2016, on unusually heavy trading volume.

On April 11, 2017, the Court issued an Order consolidating cases, appointing Lead Plaintiffs, and appointing Lead Counsel. Lead Plaintiffs filed an amended complaint on June 30.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MGT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 16-CV-07415
JUDGE: Hon. Naomi Reice Buchwald
DATE FILED: 09/22/2016
CLASS PERIOD START: 05/09/2016
CLASS PERIOD END: 09/20/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 16-CV-07415
JUDGE: Hon. Naomi Reice Buchwald
DATE FILED: 06/30/2017
CLASS PERIOD START: 05/09/2016
CLASS PERIOD END: 10/19/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (New York)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
No Document Title Filing Date