MGT Capital Investments, Inc. Securities Litigation
On or around 01/08/2019 (Ongoing date of last review)
Filing Date: September 28, 2018
According to the Complaint, MGT Capital Investments, Inc. ("MGT Capital" or the "Company") from 2013 until April 2016 described itself primarily as “engaged in the business of acquiring, developing and monetizing assets in the online and mobile gaming space as well as the social casino industry.” In May 2016, MGT Capital announced it was transforming itself into a cybersecurity company. MGT Capital currently engages in bitcoin mining, with operations in the State of Washington and Sweden.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants were engaged in a pump-and-dump scheme to artificially inflate MGT Capital’s stock price; (2) this illicit scheme caused MGT Capital to make false and misleading statements, which would result in governmental scrutiny, including from the SEC; (3) certain of the scheme Defendants exercised control over MGT Capital and its management; (4) consequently, the illicit scheme would ultimately cause MGT Capital’s stock to become delisted from the NYSE; and (5) as a result, Defendants’ statements about MGT Capital’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 8, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: MGT Capital Investments, Inc.
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: MGTI
Company Market: OTC-BB
Market Status: Public (Listed)
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
Nathanael Klingberg, et al. v. MGT Capital Investments, Inc., et al.
COURT: D. New Jersey
DOCKET #: 18-CV-14380
JUDGE: Hon. William H. Walls
DATE FILED: 09/28/2018
CLASS PERIOD START: 10/09/2015
CLASS PERIOD END: 09/07/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm (South Orange) 609 W. South Orange Avenue Suite 2P , The Rosen Law Firm (South Orange), NJ 07079 (973) 313-1887 (973) 833-0399 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
U.S. District Court Civil Docket
Order Granting the Motion of the Southern California Plaintiffs Group for Appointment as Lead Plaintiff and Approval of Selection of Counsel
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available