According to the Complaint, MGT Capital Investments, Inc. ("MGT Capital") 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.

This case was voluntarily dismissed on July 31, 2019. A related case continues under Docket 18-CV-09228 in the Southern District of New York.

On January 9, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on May 14. On October 11, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on December 17. On May 27, 2020, the Court granted final approval of the Settlement and entered Final Judgment. On May 12, 2021, the Court approved distribution of the class Settlement fund.