Glancy Prongay & Murray LLP (GPM) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired MGT Capital Investments, Inc. (MGT or the Company) (OTC: MGTI) securities between October 9, 2015 to September 7, 2018, inclusive (the Class Period). MGT investors have until November 27, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On September 7, 2018, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against MGT and certain defendants, alleging that defendants were participants in highly profitable ˜pump-and-dump schemes…from 2013 through 2018 in the stock of three public companies, including MGT. The SEC complaint further alleges that the schemes enrich[ed] Defendants by millions of dollars, [and] left retail investors holding virtually worthless shares. On this news, shares of MGT fell $0.195, or over 33%, to close at $0.395 per share on September 10, 2018, thereby damaging investors.
The complaint alleges MGT Capital Investments Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) defendants were engaged in a pump-and-dump scheme to artificially inflate MGT Capitals stock price; (2) this illicit scheme caused MGT Capital to make false and misleading statements, which would result in governmental scrutiny, including from the SEC; (3) certain of the defendants exercised control over MGT Capital and its management; (4) consequently, the illicit scheme would ultimately cause MGT Capitals stock to become delisted from NYSE MKT; and (5) as a result, defendants statements about MGT Capitals business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares of MGT during the Class Period you may move the Court no later than November 27, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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