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

Investors have respectively submitted class action lawsuits against Riot Blockchain. After changing name, the public company watched its stock skyrocket from $8 to $38

Mon, 26/02/2018 - 16:36

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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Patrick Thompson

Patrick Thompson is a freelance writer who has written for several publications in the past about a vast range of topics. Thompson is an Economics & Philosophy major at Rutgers University, where he is currently completing his senior year; upon graduating, Thompson plans to go to law school. Thompson is currently the