According to the Complaint, Barclays PLC is a universal bank holding company headquartered in London, United Kingdom. Through its operating subsidiaries, it provides global banking and other financial services including investment banking, capital markets and structured products that issue new publicly traded securities, and wealth management services.

The Plaintiff, and the class he represents, are short sellers of a security known as Barclays’ iPath Series B S&P 500 VIX Short-Term Futures ETN (Exchange Traded Note) that publicly trades on the Chicago Board Options Exchange under the symbol “VXX". VXX is an exchange traded note issued by Barclays that is designed to track VIX futures, and more generally short-term stock market volatility.

The Complaint alleges that Barclays failed to inform investors and the market that it had not implemented any internal controls to monitor the issuance of securities from its shelf registrations, and that it had issued and sold billions of dollars of unregistered securities, including VXX ETNs, in violation of the federal securities registration laws.

On June 3, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 29. Defendants filed a Motion to Dismiss the amended Complaint on August 26.

On March 21, 2025, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on April 21.

On May 19, 2025, the Clerk of Court entered Judgment and closed the case.