Case Page

 

Case Status:    ONGOING    
On or around 08/31/2018 (Ongoing date of last review)

Filing Date: November 13, 2017

According to the law firm press release, Tezos raised from investors in a July 2017 Initial Coin Offering (ICO) cryptocurrency assets now valued at more than $1.3 billion but has experienced additional uncertainty this month, as Tezos' outside auditor and one of the three board members tasked with managing the funds Tezos raised have each resigned amidst questionable conduct and escalating litigation. The lawsuit pleads that the Court rescind all investments in Tezos; return to all investors their cryptocurrency; and adjudicate that Tezos, the Breitmans, and DLS violated multiple securities laws when they promoted and conducted the unregistered, pre-functional ICO.

On January 24, 2018, this case was voluntarily dismissed. A related case filed under Docket 17-CV-06779 in the Northern District of California continues.

On March 16, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be identified as: "In re Tezos Securities Litigation." Lead Plaintiff filed a consolidated Complaint on April 3. Defendants filed Motions to Dismiss the consolidated Complaint on May 15. On August 7 the Court issued an Order denying the Dynamic Ledger Solutions Defendants' Motion to Dismiss. On August 31, the Court issued an Order dismissing two of the individual Defendants.

COMPANY INFORMATION:

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Headquarters: United States

SECURITIES INFORMATION:

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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: N.D. California
DOCKET #: 17-CV-01959
JUDGE: Hon. Paul G. Byron
DATE FILED: 11/13/2017
CLASS PERIOD START: 07/01/2017
CLASS PERIOD END: 07/15/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Silver Miller
    11780 W. Sample Road, Silver Miller, FL 33065
    954 516 6000 ·
  2. Wites Law Firm
    4400 N. Federal Highway, Wites Law Firm, FL 33064
    954.570.8989 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 17-CV-06779
JUDGE: Hon. Paul G. Byron
DATE FILED: 04/03/2018
CLASS PERIOD START: 07/01/2017
CLASS PERIOD END: 07/14/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hung G. Ta, Esq. PLLC
    250 Park Avenue, 7th Floor, Hung G. Ta, Esq. PLLC, NY 10177
    646.453.7288 646.453.7289 ·
  2. LTL Attorneys LLP
    601 Gateway Blvd. Suite 1010, LTL Attorneys LLP, CA 94080
    650.422.2130 213.612.3773 ·
No Document Title Filing Date