STEVENSON, Md., Oct. 10, 2018 — The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of MGT Capital Investments, Inc. (OTC: MGTI) (“MGT” or the “Company”) securities during the period between October 9, 2015 and September 7, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 27, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in MGT securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that certain MGT officers and/or directors were engaged in a pump-and-dump scheme to artificially inflate MGT’s stock price, which caused MGT to make false and misleading statements, which would result in governmental scrutiny, and a delisting from the NYSE.
According to the complaint, following a September 19, 2016, pre-market, announcement that on September 15, 2016, MGT had received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requesting certain information from the Company, a September 20, 2016 announcement, pre-market, that the NYSE would not approve a listing of the shares the Company required to issue in order to complete a closing of a merger, and an October 19, 2016 announcement, pre-market, that the NYSE was beginning the process to delist the common stock of MGT, an October 20, 2016 announcement that the Company would begin trading OTC, and a September 7, 2018 announcement that the SEC was charging MGT officers and/or directors for their roles in market manipulation schemes, the value of MGT shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in MGT securities purchased on or after October 9, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 [email protected]