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Case Status:    ONGOING    
On or around 04/11/2024 (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, 2019. Lead Plaintiff filed a consolidated Complaint on August 5. Defendants filed a Motion to Dismiss the consolidated Complaint on September 19. On February 26, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On March 25, 2020, Lead Plaintiff filed a consolidated amended Complaint. Defendants filed a Motion to Dismiss the consolidated amended Complaint on June 8. On October 2, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on November 18, 2022. On June 30, 2023, the Court issued an Order granting the Motion for Class Certification.

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