According to the Complaint, on October 4, 2017, the Company announced it was changing its name from Bioptix, Inc. (“Bioptix”) to Riot Blockchain, Inc. ("Riot"), claiming this name change was in line with a shift in the Company’s direction. As Bioptix the Company focused on animal healthcare and veterinary products. As Riot, however, the Company was now going to focus on being a strategic investor and operator in the blockchain ecosystem.
According to the law firm press release, Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Riot’s principle executive offices were not in Colorado, but rather in Florida in the same location as a large, influential shareholder, who had a previous working relationship with one of the Defendants; (2) Riot never intended to hold its Annual General Meetings scheduled for December 28, 2017 and February 1, 2018; and (3) as a result, Defendants’ statements about Riot’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 6, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on January 15, 2019.