Plaintiff's law firm issued a press release on June 14, 2018, to announce the filing of the lawsuit. According to the press release, the Complaint alleges that during the Class Period, Latium Network, Inc. ("Latium" or the "Company") conducted an initial coin offering during which it received over $17 million by selling LatiumX tokens to investors. Prior to conducting the Latium initial coin offering, the Company did not submit any registration statements to the United States Securities and Exchange Commission and there were not any available exemptions from registration. The action alleges that the Latium initial coin offering constitutes the offer and sale of unregistered securities without an exemption in direction violation of the Securities Act. The Complaint also alleges that Latium’s senior executives, the individual Defendants, are liable under federal securities laws as controlling persons who had sufficient influence over and direct knowledge of Latium’s involvement in the initial coin offering.
On October 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel.