Investigation To Determine Whether Unregistered Securities Were Sold To Investors Of DFINITY’S ICP Tokens – Investors Who Purchased DFINITY’S ICP Tokens From May 10, 2021 Through The Present And Suffered Losses Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is making investors aware that on August 9, 2021, a class action complaint was filed against DFINITY USA Research LLC, DFINITY Foundation, and Dominic Williams (collectively, “Dfinity” or “Defendants”) in United States District Court, Northern District of California.
According to the class action complaint:
Within the Class Period, from May 10, 2021 through the present, Defendants have promoted, offered, and sold throughout the United States unregistered securities called ‘ICP tokens,’ and have engaged in insider trading of such securities, in violation of federal law. Defendants did not register ICP as a security with the Securities Exchange Commission (‘SEC’); did not qualify for an exemption from the registration requirements; materially defrauded investors in connection with the promotion, offering, and sale of ICP; and have transacted in ICP in the Class Period while in possession of material, non-public information.
On behalf of investors who have purchased ICP in the United States, and who have done so contemporaneously with Defendants’ insider trading, Plaintiff brings suit to recover from Defendants the consideration paid for the ICP tokens, together with interest thereon; and to recover from Defendants their profits resulting from Defendants’ fraudulent conduct and insider trading. Dfinity was required to file registration statements with the SEC for its sale of ICP, but failed to do so. By selling and promoting these unregistered security tokens to investors, and by transacting in them while in possession of material, non-public information, Defendants have reaped billions of dollars in profits. [Emphasis added.]
Additionally, the complaint alleges that “Defendants kept for themselves and sold into the market billions of dollars’ worth of ICP tokens. After insiders began to sell massive quantities of these ICP tokens, and while Plaintiff and the other Class members were transacting in ICP tokens, the price of ICP tokens fell from a high of over $730 after issuance to around $60 today. Even by the volatile standards of the cryptocurrency market, this constituted an astonishing collapse in value.” [Emphasis added.]
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, DFINITY’S ICP TOKENS FROM MAY 10, 2021 THROUGH THE PRESENT AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.