MGT Capital Investments, Inc. (Nasdaq: MGTI)
A class action has been commenced in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) securities between October 9, 2015 and September 7, 2018, (the “Class Period”).
According to the lawsuit, throughout the Class Period Defendants made 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’s stock price; (2) this illicit scheme caused MGT to make false and misleading statements, which would result in governmental scrutiny, including from the SEC; (3) certain of the scheme defendants exercised control over MGT and its management; (4) consequently, the illicit scheme would ultimately cause MGT’s stock to become delisted from the NYSE MKT; and (5) as a result, defendants’ statements about MGT’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 7, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a lawsuit against a former officer of MGT as well as other individuals and corporations, alleging violations of the federal securities laws. The SEC complaint alleges 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, MGT stock fell $0.195 per share, or over 33%, over the next two trading days to close at $0.395 per share on September 10, 2018, damaging investors.
If you are a current shareholder and/or purchased stock pursuant during the period between October 9, 2015 and September 7, 2018, 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.