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BLOCKFI DEADLINE ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In BlockFi To Contact Him Directly To Discuss Their Options
News provided byFaruqi & Faruqi, LLP
Mar 18, 2023, 7:00 AM ET
NEW YORK, March 18, 2023 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against BlockFi, Inc. ("BlockFi" or the "Company") and reminds investors of the May 1, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in unregistered BlockFi Interest Accounts ("BIAs") between March 4, 2019 and November 28, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/BlockFi.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
According to the lawsuit, the Defendants made false and misleading statements to promote BIAs, including that BIAs were a secure method of collecting interest. In addition, the Complaint alleges, among other things, that the Defendants omitted and concealed material information concerning the risks associated with BIAs, including through BlockFi's exposure to FTX Trading, Ltd. ("FTX") and Sam Bankman-Fried's trading firm Alameda Research ("Alameda"), both of which collapsed in the wake of revelations that FTX and Alameda were engaging in fraud on a massive scale. In the wake of the FTX collapse, the lawsuit alleges that BlockFi froze withdrawals in BIAs, harming BIA investors. Further, investors in BIAs were not aware of conflicts of interest and self-dealing between BlockFi and other entities, such as Gemini Trust LLC, controlled by Tyler and Cameron Winklevoss. The Complaint further alleges BlockFi and the Individual Defendants engaged in the unlawful offer and sale of securities in violation of Sections 5, 11, 12(a)(2), and 15 of the Securities Act of 1933 by selling BIAs to investors. The lawsuit also alleges claims for violation of Section 10(b) and 20 of the Securities Exchange Act of 1934 and Massachusetts General Law Chapter 110A.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding [Company's] conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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