Cloud With Me Ltd. : Initial Coin Offering Securities Litigation
On or around 07/30/2020 (Date of last review)
Filing Date: June 19, 2018
Plaintiff's law firm issued a press release on June 20, 2018, announcing the lawsuit. According to the press release, the Complaint alleges that Cloud With Me violated Sections 12(a)(1) and 15(a) of the Securities Act of 1933, by engaging in interstate commerce for the purposes of offering, selling, or delivering unregistered securities. The Complaint alleges that the CLD Tokens constitute securities by virtue of Defendants’ assertions that the CLD Token would increase in value as it became the “standard currency” for the Company’s yet-to-be-created decentralized cloud network as well as the continuous focus in Cloud With Me’s marketing campaigns on the “significant liquidity” CLD Token would have as it became listed on multiple virtual currency exchanges.
On October 18, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. On May 3, 2019, the Clerk of the Court entered a default judgment against the Defendant for failure to appear, answer, or otherwise plead to the Complaint within the time required by law.
Plaintiff filed a Motion for Class Certification on March 12, 2020. On July 30, the Court issued an Order granting Plaintiff's Motion for Class Certification.
Company & Securities Information
Defendant: Cloud With Me Ltd.
Industry: Consumer Financial Services
Ticker Symbol: N/A
Company Market: N/A
Market Status: N/A
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.
First Identified Complaint
Raymond Balestra, et al. v. Cloud With Me Ltd., et al.