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Mealeys

Mealey's Securities/D&O Liability - Ponzi Scheme Suit Defendants Found Not To Be Statutory Sellers Of Securities

WEST PALM BEACH, Fla. - Dismissal of securities class action claims against two defendants in a lawsuit stemming from a Ponzi scheme involving the purchase and lending of cryptocurrency is warranted because the lead plaintiffs failed to sufficiently show that those defendants are statutory sellers under Section 12(a) of the Securities Act of 1933, a federal judge in Florida ruled Nov. 15 (In re BitConnect Securities Litigation, No. 18-80086, S.D. Fla., 2019 U.S. Dist. LEXIS 199667).
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