Class Action Lawsuit Filed for Not Registering Tezos Cryptocurrency with the SEC

On November 26, 2017, a securities class action was filed on behalf of all U.S. investors that contributed the digital currencies to the Tezos blockchain “Initial Coin Offering” (“ICO”) between July 1 and 14, 2017. An ICO is a fundraising mechanism through which the founders of a blockchain project sell crypto tokens in exchange for the cryptocurrencies bitcoin and ethereum (aka ether).
The complaint alleges that “Between September 2016 and March 2017, the [Defendants] conducted a pre-sale of Tezos tokens to three crypto-token focused hedge funds, and seven high net worth individuals. The Breitmans collected $612,000 in funding, in exchange for an allocation of Tezos tokens equivalent to $893,200.77 (a 31.48% discount). In violation of Sections 5, 12(a)(1) and 15 of the Securities Act of 1933 (the “1933 Act”), Defendants offered and sold Tezos tokens without filing a registration statement with the Securities and Exchange Commission. Tezos tokens are securities.”
The copy of the complaint: https://www.slideshare.net/PayamMoradian/complaint-tezos

Comments

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