According to the Complaint, Migom Bank Ltd., was established and licensed as an offshore bank in the Commonwealth of Dominica, in August 2019. The Bank was created to serve international clients in the fintech, gaming, and crypto industries, and promoted itself as a disruptor in the banking sector, with low fees, a decentralized business model, and other features devised to serve the underbanked population.

In late 2019, the Bank underwent a reverse merger through the acquisition of Migom Global Corp., a US publicly traded company. As a result of the reverse merger, the Bank became the only and wholly owned subsidiary of Migom Global.

The Complaint alleges that during the Class Period, one of the individual Defendants provided fraudulent financial statements to the SEC and Migom's customers. The Commonwealth of Dominica has since instituted international criminal proceedings against that Defendant and shut down the bank’s operations, while the SEC has suspended trading of Defendants’ securities in the US markets. Plaintiff files this action individually and on behalf of other similarly situated shareholders who were damaged by Defendants’ allegedly fraudulent misrepresentations that their banking business was profitable and growing.