On or around 01/09/2020 (Date of last review)
Filing Date: February 07, 2018
According to the law firm press release, the case alleges that BitConnect held itself out as “the cryptocurrency revolution” purported to “[b]uild trust and reputation in [a] bitcoin and cryptocurrency ecosystem with [an o]pen-source platform.” BitConnect stated that “Investing on BitConnect platform . . . is a safe way to earn a high rate of return on your investment without having to undergo a significant amount of risk.” The case further alleges that BitConnect willfully and fraudulently failed to disclose material facts when offering the BitConnect investments, which caused its price to plummet drastically.
On April 18, 2018, this case was transferred to the Southern District of Florida.
On June 20, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. This case was consolidated under Docket 18-CV-80086. Lead Plaintiff filed an amended Complaint on July 3. On October 11, Lead Plaintiff filed an amended consolidated Complaint.
On February 27, 2019, the Court issued Orders consolidating cases. On August 23, the Court issued an Order granting one of the individual Defendants' Motions to Dismiss. Plaintiffs filed a second amended consolidated Complaint on September 13. On November 15, the Court issued an Order dismissing the claims against two of the Individual Defendants. Lead Plaintiff filed a third amended consolidated Complaint on December 5.
Company & Securities Information
Industry: Consumer Financial Services
Headquarters: United Kingdom
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.