BOSTON, Nov. 5, 2016 /PRNewswire-USNewswire/ -- Block & Leviton LLP reminds investors in MGT Capital Investments, Inc. (NYSE: MGT) that the deadline for seeking lead plaintiff status in the pending securities class action against the Company and certain of its officers and directors is November 21, 2016.
Investors who purchased or otherwise acquired MGT securities in the Class Period of this litigation, May 9, 2016 through September 20, 2016, are eligible for inclusion in the class action and are encouraged to contact Block & Leviton.
Shares in MGT fell significantly following the announcements that on September 19, 2016, MGT received a subpoena from the SEC "requesting certain information," and that MGT received a notification from the NYSE that "it will not approve the listing on the Exchange of the 43.8 million shares that the Company is required to issue in order to complete the closing of the D-Vasive merger." On October 19, 2016, the NYSE suspended trading of MGT shares and commenced de-listing procedures against the Company, determining that the Company's securities are "no longer suitable for listing." Since the initial announcement on September 19, 2016, MGT shares have lost nearly 30% of their value.
Block & Leviton initiated a class action lawsuit on behalf of investors who purchased or otherwise acquired MGT securities during the Class Period, alleging that the defendants made false and/or misleading statements and/or failed to disclose: (1) the risk that its stock to be issued in connection with the acquisitions of D-Vasive and Demonsaw may not be listed by the NYSE; and (2) that MGT was under inquiry by the SEC prior to September 19, 2016.
The firm encourages class members to contact them for additional information as to how the lawsuit will affect them. If you wish to serve as a lead plaintiff, you must move the Court no later than November 21, 2016. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. To learn more about your options or if you have any questions about the litigation, please contact attorneys Steven Harte or Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org or email@example.com, or visit www.blockesq.com/mgt.
Confidentiality to whistleblowers or others with relevant information is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP