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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of May 20, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
May 27, 2020 - The court gave final approval and entered final judgment of the settlement.
December 17, 2019 - The court preliminarily approved the settlement.
October 11, 2019 - A stipulation and agreement of settlement was entered by the parties.
May 14, 2019 - An amended complaint was filed.
September 28, 2018 - An investor in shares of MGT Capital Investments, Inc. (OTC: MGTI) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by MGT Capital Investments, Inc. in connection with certain allegedly false and misleading statements made between October 9, 2015 and September 7, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of MGT Capital Investments, Inc. (OTC: MGTI) common shares between October 9, 2015 and September 7, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 9, 2015 and September 7, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that defendants were engaged in a pump-and-dump scheme to artificially inflate MGT’s stock price, that this illicit scheme caused MGT to make false and misleading statements, which would result in governmental scrutiny, including from the SEC. that certain of the scheme defendants exercised control over MGT and its , that consequently, the illicit scheme would ultimately cause MGT’s stock to become delisted from the NYSE MKT, and that as a result, defendants’ statements about MGT’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Durham, NC based MGT Capital Investments, Inc. engages in bitcoin mining operations in the Wenatchee Valley area of central Washington. MGT Capital Investments, Inc. reported that its annual Total Revenue rose from $0.31 million in 2016 to $3.13 million 2017.
On September 7, 2018, the U.S. Securities and Exchange Commission ( SEC ) filed a lawsuit against a former officer of MGT Capital as well as other individuals and corporations, alleging violations of the federal securities laws. The SEC complaint alleges that defendants were participants in highly profitable ‘pump-and-dump' schemes . . . from 2013 through 2018 in the stock of three public companies, including MGT Capital, that, while enriching Defendants by millions of dollars, left retail investors holding virtually worthless shares.
Shares of MGT Capital Investments, Inc. (OTC: MGTI) declined from $8.14 per share in December 2017 to as low as $0.10 per share on September 28, 2018.