Securities fraud (alleged) on the blockchain
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Quick Take
- Singh v. Pareteum Corporation, et al. is a new stock drop lawsuit filed in federal court in New York
- The (putative) class action plaintiff alleges a scheme to inflate reported revenues by misstating contract values and recording revenue that didn’t actually exist or wouldn’t come to fruition, following corporate restatement of the same
- Defendant also used blockchain buzz-wordy claims (so the Complaint says) to induce investor interest and juice stock price, which has dropped from $3.39 to $.30 since June, once reports of alleged hanky panky were made and revenues restated
Link to Pareteum Complaint The word of the day is penumbra, which is the lighter outside part of a shadow. Litigation can have penumbras (penumbrae?) too: things that happen as a ripple impact of one market into another. Thus with crypto litigation there are direct ICO securities fraud and failure to register cases, which […]
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