Notice of Securities Class Action Lawsuit Against BitConnect and its U.S.-based Directors and Promoters

News provided by

Feb 12, 2018, 06:22 ET

CORAL SPRINGS, Fla., Feb. 12, 2018 /PRNewswire/ -- Silver Miller (www.SilverMillerLaw.com) recently announced that a class action lawsuit was commenced on behalf of individuals and entities who held investments at the recently-shuttered BitConnect cryptocurrency exchange and lending platform. The lawsuit was filed in the United States District Court for the Southern District of Florida and is captioned Wildes, et al. v. BitConnect International PLC, et al., Case No. 9:18-cv-80086-DMM (the "Lawsuit"). A copy of the Complaint filed in the Lawsuit can be seen HERE.

Any member of the putative class may move the Court to serve as lead plaintiff through counsel of his/her/its choice or may choose to do nothing and remain an absent class member. If you wish to serve as lead plaintiff in the Lawsuit, however, you must move the Court no later than April 13, 2018 to appoint you as the lead plaintiff. If you wish to discuss the Lawsuit or have any questions concerning this notice or your rights or interests as they relate to the Lawsuit, please contact plaintiffs' counsel David C. Silver of Silver Miller at (954) 516-6000 or [email protected].

The Complaint alleges that BitConnect International PLC, BitConnect Ltd., BitConnect Trading Ltd., and the companies' U.S.-based Directors and affiliates/promoters operated a Ponzi scheme that -- through an army of highly-compensated recruiters who lured in investors through social media channels -- fraudulently promoted exorbitant monthly and daily returns on investments that were actually nothing more than reallocated funds from other investors. According to the lawsuit, the defendants also engaged in a fraudulent and unregistered offering and sale of securities that violated numerous state and federal securities laws, including Sections 5, 12(a), 15, and 17(a) of the Securities Act of 1933, 15 U.S.C. §§ 77e, 77l(a), 77o, and 77q(a). The Lawsuit pleads that the Court rescind all investments in BitConnect; require BitConnect to account for all funds raised from BitConnect investors; and adjudicate that BitConnect and its affiliates violated multiple securities laws.

The plaintiffs are represented by Silver Miller -- the leading cryptocurrency investor law firm in the country, with actions currently pending against the Coinbase, Kraken, and Cryptsy exchanges as well as against Initial Coin Offering promoters Tezos and Monkey Capital.

Contact:
David C. Silver
Silver Miller – Managing Partner
Florida 954-516-6000
Maryland 240-516-6000
Washington, D.C. 202-852-6000
E-Mail: [email protected]

SOURCE Silver Miller