WASHINGTON, DC – U.S. Market Advisors Law Group PLLC (USMA Law Group) announces the completion of an initial investigation on behalf of investors of Riot Blockchain (NASDAQ:RIOT). As a result of its findings, the firm has prepared, but not yet filed, a proposed class action complaint to recover losses suffered by Riot Blockchain investors. The proposed complaint and other relevant information about the cryptocurrency company may be requested at the firm’s website. You may also contact attorney David P. Abel for more information: 202-274-0237 or email@example.com.
USMA Law Group’s preliminary investigation concerned whether Riot Blockchain and certain of its officers and directors violated federal securities laws.
On October 4, 2017, the company announced a radical change in its name and operations. Riot Blockchain claimed a new focus on making investments in blockchain markets, primarily on the Bitcoin and Ethereum blockchains. Riot blockchain’s stock price quickly increased, as the company issued a steady flow of positive press releases promoting its new activities.
On December 29, 2017, after the market closed and heading into a three-day holiday weekend, John O’Rourke, the Company’s new Chief Executive Officer, made an SEC filing revealing he had sold over 30,000 Riot Blockchain shares. On this news, Riot Blockchain’s stock price declined more than 14% over two trading days.
On January 31, 2018, before the market opened, the Wall Street Journal published an article detailing investor Barry Honig’s involvement with Riot Blockchain and his trading of the company’s shares. On the same day, Riot Blockchain announced that its annual shareholder meeting would be postponed for a second time. On this news, Riot Blockchain’s stock price declined more than 14% over two trading days.
On February 16, 2018, CNBC reported that Riot Blockchain’s operations raise a number of “red flags,” including: (i) insider selling; (ii) making no apparent effort to timely hold annual shareholder meetings; and (iii) diluting the common stock. On this news, Riot Blockchain’s stock price fell more than 30% during intraday trading.
Investors suffering losses from Riot Blockchain stock purchases are encouraged to contact the firm for more information about the proposed lawsuit and their ability to participate: .
About USMA Law Group
USMA Law Group is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities and shareholder litigation. To learn more, visit www.usmarketlaw.com.
U.S. Market Advisors Law Group PLLC
David P. Abel | Licensed in DC, SC