The Crypto Company (OTCMKTS: CRCW)
A class action has been commenced on behalf of purchasers of The Crypto Company (OTCMKTS: CRCW) common stock between August 21, 2017 to December 18, 2017 (the “Class Period”) in the U.S. District Court for the Central District of California.
The complaint charges Crypto and certain of its officers with violations of the Securities Exchange Act of 1934. Crypto is engaged in trading and developing proprietary source code for digital assets. The Company’s core services include consulting and advising companies regarding investment and trading in the digital asset market and investing in a manner that diversifies exposure to the growing class of digital assets.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and operations, including that Crypto was unlawfully engaged in a scheme to promote and manipulate the Company’s stock. As a result of defendants’ false statements and/or omissions, the price of Crypto common shares was artificially inflated during the Class Period, reaching a high of $642 per share.
Then on December 18, 2017, the SEC announced it was suspending trading in Crypto shares due to concerns that the stock was being manipulated after the shares surged more than 17,000% in less than 3 months. The SEC said it was suspending trading from December 19, 2017 until 11:59 p.m. on January 3, 2018. According to the SEC, it was concerned about “the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in [SEC] filings about the plans of the company’s insiders to sell their shares” of Crypto common stock. There were also questions regarding “manipulative transactions in the company’s common stock in November 2017.” The price of Crypto stock reached a high at $642 per share on December 11, 2017, and then fell 65% to a close at $223 per share on December 12, 2017, before increasing to $575 per share at the time trading was suspended on December 19, 2017.
If you are a current shareholder and purchased stock between August 21, 2017 to December 18, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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