Investors Lost Billions on Billioners' Game: FTX Full story

Great Founders: Is there a right time to let your offspring go?

M&A deals. Always profitable for investors?

Public

Sorrento Therape

Mismanagement

Misleading Statements

Fraud

Negligence

Breach of Fiduciary duty

Directors

Management

SRNE Misconduct

Stocks

Long

Southern District of New York

Several Big Banks agreed to pay a total of $185.9 million to settle a class action lawsuit to avoid further litigation on alleged manipulation of the Bank Bill Swap Rate (BBSW) and the prices of BBSW-Based  Derivatives.

The Settlements will provide the following amounts for the benefit of qualifying members, inclusive:  

BNPP, Deutsche Bank, RBC,  RBS and UBS Settlement: $40,000,000 

Bank Bill Swap Rate

Other

BBSW-BASED DERIVATIVES SETTLEMENT

Benchmark Rate

Now ANY CRYPTO INVESTOR who was damaged directly or “indirectly” by BlockFi can JOIN CASE!

On November 28, cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection.

 In a court filing, BlockFi disclosed that it owns money to more than 100,000 creditors.

In November 2022, after the declaration of bankruptcy by FTX, BlockFi halted withdrawals on its platform.

Going back in July 2022, FTX made a deal that included a $400 million credit facility for the Company and an option to buy BlockFi for up to $240 million.

Despite the general negative market conditions for crypto assets after the FTX collapse, BlockFi Investors, Creditors, Clients, and other counterparties have every reason to suspect that the financial institution has not done everything possible, as required by law and regulations, to fulfill its fiduciary duties to stakeholders.

FTX (company)

BlockFi

Financial Misrepresentation

Failure to Disclose

Malpractice

Omissions

Shareholder

Influencer

Investment Bank

Service Provider

Hedge Fund

Creditors & Stakeholders are to fight back frozen assets by BlockFi

Crypto Asset

Facebook has agreed to pay $100 million to settle the charges.

According to the SEC’s complaint, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a company he controlled, to collect and transfer data from Facebook to create personality scores for approximately 30 million Americans. 

In addition to the personality scores, the researcher, in violation of Facebook’s policies, also transferred to Cambridge Analytica the underlying Facebook user data, including names, genders, locations, birthdays, and “page likes.”  Cambridge Analytica used this information in connection with its political advertising activities. 

The complaint alleged that during this two-year period, Facebook had no specific policies or procedures in place to assess the results of their investigation for the purposes of making accurate disclosures in Facebook’s public filings.

The complaint further alleged that Facebook discovered the misuse of its users’ information in 2015, but did not correct its existing disclosure for more than two years.  Instead, Facebook continued to tell investors that “our users’ data may be improperly accessed, used or disclosed.” According to the SEC, Facebook reinforced this false impression when it told news reporters who were investigating Cambridge Analytica’s use of Facebook user data that it had discovered no evidence of wrongdoing.  

When the company finally did disclose the incident in March 2018, its stock price dropped.

Meta Platforms Inc.

Now ANY CRYPTO INVESTOR who was damaged directly or “indirectly” by FTX collapse can JOIN CASE!

|Damaged Investors Unite in the Case, Vote for Attorney, who Gets it to the Court | FREE

On 9 November 2022, several bad news came out on the FTX situation:

Bloomberg reported that the SEC and CFTC were investigating FTX and the nature of its connections to Bankman-Fried's holdings. 

Wall Street Journal reported that Binance would not move forward with the deal to acquire FTX because of the Exchange's mishandling of customer funds and pending investigations.

FTX website said that it was not processing withdrawals.

On this and preceding news, FTX Token (FTT) price dropped over 85% for 3 days and lost over $ 2.2 billion of its capitalization, seriously damaging investors.

The situation was getting worse on November 2, 2022, when the first "deal-breaking" news came out:

CoinDesk reported that a significant portion of Alameda Research's assets was FTT tokens. Seeking to prop up Alameda, which held almost $15 billion in assets, Bankman-Fried transferred at least $4 billion in FTX funds, secured by assets including FTT. 

Several days later on November 7, Zhao said Binance would sell its entire share in the token, FTT, worth at least $580 million, “due to recent revelations that have come to light.”

But on November 8, 2022, Zhao announced Binance had entered into a non-binding agreement to purchase FTX due to a "liquidity crisis" at FTX. 

On November 11, 2022, FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. Bankman-Fried has also stepped down as CEO. At the beginning of the year investors estimated the Exchange at $32 billion, and the wealth of the creator of the exchange exceeded $17 billion.

The situation with FTX damaged many Retail and Institutional investors, not only in FTT but the overall crypto market which lost double digits billions for several days. As several media reported, Investors that could lose money in FTX case include such big names as Tiger Global Management, the Ontario Teachers’ Pension Plan, SoftBank Group, Sequoia Capital, Lightspeed Venture Partners, Temasek Holdings, Tom Brady, and many others.

Taking all representations, announcements, and involved parties' interconnections  into account, Investors damaged by the ongoing situation have all grounds to suspect:

FTX and Alameda's Leaders and Shareholders in fraud and breach of fiduciary duties,

Involved parties, including Binance, that could intentionally influence the situation by manipulating the FTX token price.

Securities and Exchange Commission

Commodity Futures Trading Commission

Temasek Holdings

Tom Brady

Wall Street Journal

CoinDesk

Liquidity crisis

Tiger Global Management

Ontario Teachers’ Pension Plan

SoftBank Group

Sequoia Capital

Lightspeed Venture Partners

FTX Token

Price manipulation

Insider Trading

Make FTX's Bankman-Fried and others pay for Investors' Losses

Crédit Agricole S.A. agreed to pay $55 million to settle a class action lawsuit to avoid further litigation.

The complaint alleged that Crédit Agricole S.A. and Crédit Agricole CIB conspired to manipulate and manipulated the Euro  Interbank Offered Rate (“Euribor”) and the prices of Euribor Products.

All Persons who purchased, sold, held, traded, or otherwise had any interest in Euribor Products from June 1, 2005 through and including March 31, 2011, who were either domiciled in the United  States or its territories or, if domiciled outside the United States or its territories, transacted in  Euribor Products in the United States or its territories from June 1, 2005 through and including  March 31, 2011, including, but not limited to, all Persons who traded CME Euro currency futures  contracts, all Persons who transacted in NYSE LIFFE Euribor futures and options from a location  within the United States, and all Persons who traded any other Euribor Product from a location  within the United States, can be entitled to the payout.

Crédit Agricole S.A

EURIBOR ANTITRUST (CREDIT AGRICOLE) LITIGATION SETTLEMENT

Options

Now ANY CRYPTO INVESTOR who was damaged directly or “indirectly” by Genesis can JOIN CASE!

On November 22, 2022, Crypto Broker/Exchange Genesis warned about Bankruptcy without funding.

"Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson previously said in an emailed statement to Reuters, adding it continues to have conversations with creditors.

Ealier, The Wall Street Journal reported, citing sources, that Genesis had approached Binance seeking an investment but the crypto exchange decided against it, fearing a conflict of interest. Genesis also approached private equity firm Apollo Global Management for capital assistance, the WSJ said.

On November 16, 2022, Genesis suspended withdrawals within its lending unit and blamed the recent collapse of exchange FTX for spurring a spike in withdrawal requests that exacerbated the lender’s liquidity.

Despite the general negative market conditions for crypto assets after the FTX collapse, Investors and Genesis' Clients have every reason to suspect that the financial institution has not done everything possible, as required by law and regulations, to fulfill its fiduciary duties to stakeholders.

Genesis Global Trading, Inc

Investors are to fight back frozen assets by Genesis

Delawere court of Chancery

IN RE AVX CORPORATION STOCKHOLDERS' LITIGATION

AVX CORPORATION (AVX) and other Defendants agreed to pay $49.9 million to settle a class action lawsuit to avoid further litigation.

Those who received $21.75 per share in cash in exchange for your shares of AVX Corporation common stock in connection with the March 30, 2020 acquisition by Kyocera Corporation of the outstanding shares of AVX stock not already owned by Kyocera Corporation, can be entitled to a payout.

AVX Corporation

Central District of California

On November 14, 2022, Bird (BRDS) filed a Form 8-K announcing it would restate its consolidated financial statements for certain periods due to issues concerning the recognition of Sharing Revenue.

The press release stated that "... any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company’s financial results contained in the Original Filings should no longer be relied upon.

On this news, BRDS stock dropped about 16%, seriously damaging investors.

Now, Investors have reasons to suspect that Bird, its Leaders, and its Service Providers breached their fiduciary duties or performed their activities with gross negligence.

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