Cases
Riot Blockchain (RIOT)
Securities Class Action
Overview
Overview
- Date:
- 10/11/2018
- Company Name:
- Riot Blockchain, Inc.
- Stock Symbol:
- RIOT
- Class Period:
- FROM 10/4/2017 TO 2/15/2018
- Status:
- Closed/Complete
NEW YORK, October 11, 2018 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Riot Blockchain (NASDAQ: RIOT) securities between October 4, 2017 and February 15, 2018 (the “Class Period”).
According to the complaint, on October 4, 2017, the company announced it was changing its name from Bioptix, Inc. to Riot Blockchain, Inc. to coincide with the company’s shift toward becoming a strategic investor and operator in blockchain technologies. Thereafter, the company cancelled its annual meeting and it was reported that Riot had no real underlying blockchain business plan, paid more than $11 million for cryptocurrency mining equipment worth only $2 million, and apparently had no intent of ever holding its annual meeting. Then, on April 9, 2018, Riot received a subpoena from the U.S. Securities and Exchange Commission as a result of numerous red flags in the company’s SEC filings. Since news of Riot’s questionable decisions became public, its stock has fallen approximately 66% to close at $2.17 per share on October 10, 2018.
If you own Riot Blockchain shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 308-1869, or by filling out the contact form below. There is no cost or obligation to you.
According to the complaint, on October 4, 2017, the company announced it was changing its name from Bioptix, Inc. to Riot Blockchain, Inc. to coincide with the company’s shift toward becoming a strategic investor and operator in blockchain technologies. Thereafter, the company cancelled its annual meeting and it was reported that Riot had no real underlying blockchain business plan, paid more than $11 million for cryptocurrency mining equipment worth only $2 million, and apparently had no intent of ever holding its annual meeting. Then, on April 9, 2018, Riot received a subpoena from the U.S. Securities and Exchange Commission as a result of numerous red flags in the company’s SEC filings. Since news of Riot’s questionable decisions became public, its stock has fallen approximately 66% to close at $2.17 per share on October 10, 2018.
If you own Riot Blockchain shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 308-1869, or by filling out the contact form below. There is no cost or obligation to you.