Ripple Labs Inc. : Initial Coin Offering Securities Litigation
On or around 09/19/2019 (Ongoing date of last review)
Filing Date: June 01, 2018
On May 3, 2018, Plaintiff filed a putative class action Complaint in the Superior Court of California, County of San Francisco, under Docket CGC-18-566271. This is a securities class action on behalf of all investors who purchased Ripple tokens ("XRP") issued and sold by Defendants. The Complaint alleges that Defendants schemed to raise hundreds of millions of dollars through the unregistered sale of XRP to retail investors in violation of the registration provisions of state and federal securities laws.
On June 1, Defendants removed the case from the Superior Court to the District Court of the Northern District of California. On June 27, Plaintiff filed a Motion to Remand the action to the Superior Court. On August 10, the Court issued an Order denying Plaintiff's Motion to Remand. On August 22, Plaintiff voluntarily dismissed this case.
A related case continues under Docket 18-CV-06753.
On December 7, 2018, Plaintiffs filed Motions to Remand this action to San Mateo County Superior Court. On February 28, 2019, the Court issued an Order denying Plaintiffs' Motions to Remand. The Court issued an Order appointing Lead Plaintiff and Counsel on June 21. Lead Plaintiff filed a consolidated Complaint on August 5.
Company & Securities Information
Defendant: Ripple Labs Inc.
Industry: Consumer Financial Services
Headquarters: United States
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
Ryan Coffey, et al. v. Ripple Labs Inc., et al.
COURT: N.D. California
DOCKET #: 18-CV-03286
JUDGE: Hon. Phyllis J. Hamilton
DATE FILED: 06/01/2018
CLASS PERIOD START: 01/01/2013
CLASS PERIOD END: 06/01/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
First Identified Complaint (FIC) Filings:
Class Action Complaint
Notice of Removal
Plaintiff's Notice of Motion and Motion To Remand; Memorandum of Points and Authorities in Support Thereof