According to the Complaint, Block.one is a blockchain-focused software development company.

The Complaint alleges that within the Class Period, Block.one and the individual Defendants promoted, offered, and sold an unregistered security called “EOS” throughout the United States, in violation of federal and state securities laws.

On August 4, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 18. Defendants filed a Motion to Dismiss the amended Complaint on November 2.

On June 11, 2021, the parties entered into a Stipulation of Settlement. On June 23, the Court issued an Order denying Defendants' Motion to Dismiss.

On August 13, 2022, the Court issued an Order denying Lead Plaintiffs' motions for final approval of the proposed settlement, certification of the proposed settlement class, and appointment of Lead Plaintiff as class representative. The Court concluded that the investor class is inherently conflicted because some tokenholder purchases are covered by U.S. laws while others are not.

On January 26, 2023, the parties entered into a Stipulation of Settlement. The parties entered into an amended Stipulation of Settlement on March 28, 2023. On November 13, 2024, the Court denied without prejudice to renewal Lead Plaintiff's Motion to Approve the Settlement. Lead Plaintiff filed a renewed Motion to Approve the Settlement on December 12.

On January 27, 2025, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.