Robbins Arroyo LLP: Riot Blockchain, Inc. (RIOT) Misled Shareholders According to a Recently Filed Class Action
SAN DIEGO & CASTLE ROCK, Colo.--(BUSINESS WIRE)--Jul 16, 2018--Shareholder rights law firm Robbins Arroyo LLP reminds shareholders that purchasers of Riot Blockchain, Inc. (NasdaqCM: RIOT) filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 4, 2017 and February 15, 2018. Riot builds and supports various blockchain technologies.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/riot-blockchain-inc-july-2018/
Riot Blockchain Accused of Scheming to Capitalize on Public Interest in Cryptocurrency
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 73% to close at $4.58 per share on July 16, 2018.
Riot Blockchain Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180716005886/en/
CONTACT: Robbins Arroyo LLP
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SOURCE: Robbins Arroyo LLP
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PUB: 07/16/2018 06:08 PM/DISC: 07/16/2018 06:08 PM