Hagens Berman Files Class Action to Prevent Dissipation of Tezos (XTZ) Initial Coin Offering (ICO) Funds

SAN FRANCISCO, Dec. 14, 2017 -- Hagens Berman Sobol Shapiro LLP, has filed a class action in the Northern District of California on behalf of investors to recover the bitcoin (BTC), Ethereum (ETH) and fiat currency paid in the Tezos Initial Coin Offering (“ICO”).  The complaint, which names Defendants Dynamic Ledger Solutions, Inc. (DLS), Tezos Stiftung (aka the “Tezos Foundation”), Kathleen Breitman, Arthur Breitman, Timothy Cook Draper, Draper Associates, Johann Gevers, Diego Ponz, Guido Schmitz-Krummacher, Bitcoin Suisse AG, and Niklas Nikolajsen, alleges that Defendants illegally sold unqualified securities in violation of California’s Corporate Securities Law of 1968 (Cal. Corp. Code § 25110) and California’s Unfair Competition Law (Cal. Bus. & Prof. Code § 17200 et seq.).  In doing so, Defendants collected approximately $232 million USD worth of cryptocurrencies from investors (primarily Bitcoin and Ethereum), now worth over $1.2 billion USD.

If you purchased or otherwise acquired the right to purchase TEZOS currency in the Tezos ICO or would like to aid in the investigation with non-public knowledge, contact Hagens Berman Sobol Shapiro LLP.  For more information visit:

https://www.hbsslaw.com/cases/XTZ 

or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing

[email protected].

“In light of recent developments, ICO participants want their consideration back and justifiably want action quickly,” said Hagens Berman partner Reed Kathrein.  "Our new complaint seeks to get that relief as soon as possible, though the international aspect of this scheme presents many hurdles.”

About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country.  The firm represents investors, whistleblowers, workers and consumers in complex litigation.  More about the firm and its successes can be found at www.hbsslaw.com.  For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000