Crypto Co. Can't Escape Securities Class Action Over ICO

Law360 (April 1, 2019, 8:03 PM EDT) -- Cryptocurrency startup ATBCoin LLC and two of its executives must face a proposed shareholder class action accusing them of selling unregistered securities in an initial coin offering, a New York federal judge ruled Sunday.

Investor Raymond Balestra had claimed that ATBCoin never filed a registration statement with the U.S. Securities and Exchange Commission and that, as controlling members of the company, co-founders Edward Ng and Herbert W. Hoover are liable for any misdeeds related to the ICO.

U.S. District Judge Vernon S. Broderick rejected the blockchain technology company's bid to dodge the suit, finding that the putative class adequately showed that...

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