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Cryptocurrency mining company lawsuits over pumping and dumping dismissed

May 3, 2020

Freda Wolfson, New Jersey District Judge, seven applications for dismissal approved This brought an end to a lawsuit against Riot Blockchain, The Cryptocurrency Mining Company, on April 30th.

The plaintiffs alleged that Riot made false and misleading statements to its shareholders about their investments in cryptocurrency assets and blockchain technology.

On demand Riot has been accused of providing misleading information in relation to the shareholders They sold their shares in the company and claimed that Riot had not properly disclosed the “related party transactions”.

Riot Blockchain escapes class action lawsuit

Cryptocurrency mining company lawsuits over pumping and dumping dismissedCryptocurrency mining company lawsuits over pumping and dumping dismissed

Judge Wolfson found that the plaintiffs did not provide sufficient evidence to demonstrate that Riot’s press releases and public statements contained false or misleading information.

“I examined the three categories of statements and found that the applicant did not sufficiently claim that the statements were false or misleading, for the reasons set out below,” said the judge.

In February 2018, plaintiffs first filed a class action lawsuit against Riot, then known as Bioptix Inc., in which they claimed that the company “misrepresented” to shareholders after the publication of a negative CNBC article.

The judge found that The lead plaintiff can resubmit a revised suit within 30 days of placing the order.

Riot buys 1,000 Antminer S19

Also on April 30th Riot Blockchain announced that it has purchased 1,000 Bitmain Antminer S19 Pro ASIC miners for $ 2.4 million.

In April, Riot announced that an agreement had been reached to move some of its mining operations to a New York facility operated by the Coinmint mining company. According to this agreement lThe newly acquired Antminer S17 moved from Riot’s Oklahoma plant.

The deal came after the major cryptocurrency crash in mid-March impacted many mining companies’ profits.

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