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Cloud With Me Ltd. : Initial Coin Offering

Case Summary

Cloud With Me Ltd. : Initial Coin Offering Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 03/12/2020 (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.

Company & Securities Information

Defendant: Cloud With Me Ltd.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: Ireland

SECURITIES INFORMATION:

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.

COURT: W.D. Pennsylvania
DOCKET #: 18-CV-00804
JUDGE: Hon. Mark R. Hornak
DATE FILED: 06/19/2018
CLASS PERIOD START: 07/25/2017
CLASS PERIOD END: 06/19/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Alfred G. Yates
  2. Levi & Korsinsky LLP (DC)
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violation of Sections 12(a)(1) and 15(a) of the Securities Act of 1933 06/19/2018
2 Order Granting Movant John Oum's Motion for Appointment as Lead Plaintiff and Approval of Selection of Counsel 10/18/2018
3 [Proposed] Default by Clerk F.R.CIV.P.55(A) Clerk's Default as to Defendant Cloud With Me, Ltd. 05/03/2019
4 U.S. District Court Civil Docket 03/12/2020

Reference Complaint

—Reference Complaint Complaint Related Data is not available

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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