Home Bitcoin News Bitcoin Mining Securities Fraud Class Action Filed

Securities Fraud Class Action Filed

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SAN FRANCISCO, March 31, 2021 /PRNewswire/ — Hagens Berman urges SOS Restricted (NYSE: SOS) traders to submit their losses now.

Class Interval: July 22, 2020Feb. 25, 2021
Lead Plaintiff Deadline: June 1, 2021
Go to: www.hbsslaw.com/investor-fraud/SOS
Contact An Lawyer Now: [email protected] 

SOS Restricted (SOS) Securities Fraud Class Motion:
The grievance facilities on SOS’s purported entry into the bitcoin mining enterprise. The grievance alleges that, in fact, SOS is a fraudulent inventory promotion scheme that has hid associated social gathering transactions, and has misrepresented the bitcoin mining rigs SOS claimed to have bought.

Traders allegedly started to be taught the reality on Feb. 26, 2021, when Hindenburg Analysis and Culper Analysis launched scathing commentary, claiming that SOS was an intricate “pump and dump” scheme that used faux addresses and doctored images of crypto miners to create an phantasm of success. The analysts identified that the corporate’s SEC filings, as an example, listed a resort room because the agency’s headquarters. Most damaging, the analysts alleged that the images SOS had printed of their “mining rigs” had been phony. Culper famous that the photographed SOS “miners” weren’t the A10 Execs the corporate claimed to personal. As a substitute, they had been photos of Avalon’s A1066 miners. Hindenburg additional discovered the authentic pictures from SOS’s web site belonged to a official rival, RHY.

After the category interval, Hindenburg and Culper offered extra data on SOS that additional supported their earlier allegations, together with proof of associated social gathering transactions and SOS trying to cover the misconduct famous within the February 26, 2021 corrective disclosures.

“We’re centered on traders’ losses and proving SOS is a false promotion scheme,” mentioned Reed Kathrein, the Hagens Berman associate main the investigation.

In case you are a SOS investor, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Individuals with personal data relating to SOS ought to take into account their choices to assist in the investigation or benefit from the SEC Whistleblower program. Below the brand new program, whistleblowers who present authentic data could obtain rewards totaling as much as 30 p.c of any profitable restoration made by the SEC. For extra data, name Reed Kathrein at 844-916-0895 or e mail [email protected].

About Hagens Berman
Hagens Berman is a nationwide legislation agency with eight places of work in eight cities across the nation and over eighty attorneys. The agency represents traders, whistleblowers, employees and shoppers in complicated litigation. Extra in regards to the agency and its successes is situated at hbsslaw.com. For the most recent information go to our newsroom or comply with us on Twitter at @classactionlaw.

Reed Kathrein

SOURCE Hagens Berman Sobol Shapiro LLP

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