Uncompleted ICO Draws Securities Class Action Lawsuit

In the latest of what is beginning to look like a wave of ICO-related securities lawsuit filings, would-be investors who made pre-offering investments in Monkey Capital’s promised but uncompleted ICO have filed a securities class action lawsuit in the Southern District of Florida against the company and its principals, alleging that the company’s pre-offering sale of options to purchase coins or tokens in the offering represented the sale unregistered securities in violation of the federal securities laws. A copy of the plaintiffs’ December 19, 2017 complaint can be found here.   Background In order to finance a planned decentralized cryptocurrency hedge fund and private cryptocurrency exchange, Monkey Capital proposed to complete an initial coin offering. The key component of its proposed business plan was the company development of a trading platform it called Monkey Capital Market.   The company originally proposed that its ICO would take place in…

Read more detail on Recent Corporate Law Department posts –

This entry was posted in Corporate Law and tagged , , , , , . Bookmark the permalink.

Leave a Reply