SAN DIEGO & CASTLE ROCK, Colo.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Riot Blockchain, Inc. (NasdaqCM: RIOT) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 4, 2017 and February 15, 2018. Riot builds and supports various blockchain technologies.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/riot-blockchain-inc
Riot Blockchain Accused of Scheming to Capitalize on Public Interest in Cryptocurrency
According to the complaint, on October 4, 2017, the company announced it was changing its name from Bioptix, Inc. to Riot Blockchain, Inc. to coincide with Riot's shift toward becoming a strategic investor and operator in blockchain technologies. Shortly afterwards, on December 27, 2017, Riot announced that it was canceling the annual meeting of stockholders scheduled for the following day to allow time for stockholders to vote on certain proposals. On January 31, 2018, Riot suspiciously announced that it was again postponing the annual meeting to achieve a quorum on the proposals to be approved. On February 16, 2018, the reasons for Riot's repeated postponement became clear. CNBC reported that Riot had no real underlying blockchain business plan, paid more than $11 million for cryptocurrency mining equipment worth only $2 million, and apparently had no intent of ever holding its annual meeting. Since news of Riot's questionable decisions became public, its stock has fallen over 42% to close at $9.90 per share on February 26, 2018.
Riot Blockchain Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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