On or around 09/08/2020 (Other)
Filing Date: May 10, 2019
According to the Complaint, on or about August 12, 2017, FLiK published a whitepaper to solicit investments that was evaluated by Plaintiffs prior to making their investment in FLiK via the purchase of FLiK Tokens. FLiK Tokens are a form of cryptocurrency issued by FLiK pursuant to an “initial coin offering” or “ICO” between August 20, 2017 and September 20, 2017. The tokens were then traded on a cryptocurrency exchange called coinexchange.com, which acts like a stock market for hundreds of different cryptocurrencies. The value of many cryptocurrencies, like FLiK Tokens, are tied to the development of a related underlying business or technology.
The Complaint alleges that the FLiK ICO and sale of FLiK Tokens were the sale of unregistered securities under controlling federal law, and as such, Defendants have participated in an unregistered sale of securities in violation of the Securities Act, and are liable to Plaintiff and the Class for rescission and/or compensatory damages.
On May 4, 2020, the Court dismissed all claims against one of the Individual Defendants. On May 20, the Court dismissed the remaining claims. Plaintiff filed a notice appealing the Court's Final Judgment on June 12, 2020. The appeal was dismissed on August 18 for want of prosecution. On September 8, the Court of Appeals reinstated the appeal.
Company & Securities Information
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
Kenneth Fedance, et al. v. Clifford "T.I" Joseph Harris, Jr., et al.
COURT: N.D. Georgia
DOCKET #: 19-CV-02125
JUDGE: Hon. Charles A. Pannell, Jr.
DATE FILED: 05/10/2019
CLASS PERIOD START: 08/20/2017
CLASS PERIOD END: 09/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Stoltmann Law Offices, P.C.
The Doss Firm, LLC
First Identified Complaint (FIC) Filings:
Class Action Complaint
Notice of Appeal
Entry of Dismissal
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available