Securities Class Action Lawsuit Against Nano and Members of its Core Development Team

April 6, 2018 | Back to News

Notice of Securities Class Action Lawsuit Against Nano f/k/a RaiBlocks and Members of Its Core Development Team

Coral Springs, Florida – April 6, 2018 (PR NEWSWIRE) — Redmins (www.redminslaw.com) has commenced a new class action lawsuit on behalf of investors in Nano f/k/a RaiBlocks (XRB), alleging that Nano and key members of its core team violated federal securities laws and that, in their push to introduce XRB to a wide market of investors, recklessly directed investors to open accounts and place their assets with a little known, and severely troubled, Italian cryptocurrency exchange called BitGrail, where $170 million of the investors’ XRB allegedly “disappeared” in February 2018. A copy of the Complaint in the lawsuit, styled Brola v. Nano f/k/a RaiBlocks, et al., U.S. Dist. Ct. – E.D.N.Y. – Case No. 1:18-cv-02049 (the “Lawsuit”), can be viewed:

2018-4-6 — DE 1 – CLASS ACTION COMPLAINT

Any member of the putative class may move the Court to serve as lead plaintiff through counsel of his/her/its choice or may choose to do nothing and remain an absent class member. If you wish to serve as lead plaintiff in the Lawsuit, however, you must move the Court no later than June 5, 2018 to appoint you as the lead plaintiff. If you wish to discuss the Lawsuit or have any questions concerning this notice or your rights or interests as they relate to the Lawsuit, please contact David C. Silver of Redmins [Telephone: (954) 516-6000; DSilver@redminslaw.com].

The Complaint alleges Nano and its core team engaged in an unregistered offering and sale of securities that violated federal securities laws, including Sections 5, 12(a), and 15 of the Securities Act of 1933, and wrongly ushered investors to BitGrail. The Lawsuit pleads that the Court rescind the plaintiff class’ investments in XRB and require Nano to “rescue fork” the allegedly missing XRB into a new cryptocurrency in a manner that would fairly compensate the class of victims.

Redmins — the leading cryptocurrency investor law firm in America and the ALM/Daily Business Review’s 2018 Most Innovative Law Practice honoree — continues to be a strong advocate for aggrieved investors harmed by the misrepresentations and illegal actions of cryptocurrency exchanges and issuers. With actions pending against the Kraken, BitConnect, and Cryptsy exchanges as well as lawsuits against pre-functional token ICO promoters Monkey Capital and Giga Watt, Redmins is at the forefront of cryptocurrency litigation and fights to protect investors’ rights.

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