According to the Complaint, Eqonex Limited is a digital assets financial services company with subsidiaries in the U.K., Singapore, Hong Kong, Vietnam, South Korea, Germany, Switzerland, Luxembourg, Seychelles, British Virgin Islands and Gibraltar. On June 16, 2021, the legal name of the Company was changed from Diginex Limited to Eqonex Limited.

On March 7, 2022, Eqonex announced a "strategic partnership" with Bifinity, a payments technology company affiliated with Binance and launched that same day, which initially focused on leveraging "Digivault as an FCA regulated custodian, strengthening the technology supporting the Eqonex Exchange, and expanding Bifinity's geographical footprint through Eqonex's licensing framework." Under the partnership, Bifinity issued Eqonex a $36 million convertible loan facility (the "Loan") in exchange for a right to appoint from within Bifinity, Eqonex's CEO, Chief Financial Officer and Chief Legal Officer, as well as two members for Eqonex's board.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors that: (1) Defendants were not interested in leveraging the Exchange or deploying resources to strengthen that technology; (2) Eqonex had no way of paying Bifinity back pursuant to the Loan Agreement; (3) Bifinity and Binance had no intention of consummating a merger between Eqonex and Bifinity or Binance; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Plaintiff filed an amended Complaint on May 8, 2023. On July 17, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a second amended Complaint on September 28.

Defendants filed a Motion to Dismiss the second amended Complaint on January 12, 2024. On September 18, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff did not amend the Complaint, and on October 22, the Court dismissed the case with prejudice and entered Judgment in favor of the Defendants.