PHILADELPHIA, PA / ACCESSWIRE / August 12, 2021 / Kehoe Law Firm, P.C. is conducting a class action investigation to determine whether unregistered securities were sold to investors of DFINITY’s ICP token cryptocurrency.
On August 9, 2021, a class action complaint was filed against DFINITY USA Research LLC, DFINITY Foundation, and Dominic Williams (collectively, “Dfinity” or “Defendants”) in United States District Court, Northern District of California.
From May 10, 2021 to the present (“Class Period”), according to the class action complaint “. . . Defendants have promoted, offered, and sold throughout the United States unregistered securities called ‘ICP tokens,’ and have engaged in insider trading of such securities, in violation of federal law.”
Allegedly, the “Defendants did not register ICP as a security with the Securities Exchange Commission . . . [and] did not qualify for an exemption from the registration requirements; materially defrauded investors in connection with the promotion, offering, and sale of ICP; and have transacted in ICP in the Class Period while in possession of material, non-public information.”
The complaint alleges that “[b]y selling and promoting these unregistered security tokens to investors, and by transacting in them while in possession of material, non-public information, Defendants have reaped billions of dollars in profits.”
The Defendants, according to the class action complaint, “. . . kept for themselves and sold into the market billions…