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Public Company That Included Blockchain in its Name Faces Class Action Lawsuits

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Mon, 26/02/2018 - 16:36
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Public Company That Included Blockchain in its Name Faces Class Action Lawsuits
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Investors from Colorado, Florida and New Jersey have respectively submitted class action lawsuits against Riot Blockchain. After changing its name in October to include the word “Blockchain,” the public company watched its stock skyrocket from $8 a share to $38. Now the investors claim that Riot Blockchain violated US securities laws by issuing misleading and false statements regarding their business. One of the filings claims that when Bioptix changed its name to Riot Blockchain in October 2017, they did this to capitalize on the trend of Blockchain technologies and cryptocurrencies but lacked the actual expertise to take on a Blockchain acquisition and Bitcoin/Ethereum mining endeavors.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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