BOSTON, March 13, 2023 (GLOBE NEWSWIRE) -- Isquith Law PLLC and Vita Law Offices P.C. filed a class action lawsuit against Zac Prince, Flori Marquez, Amit Cheela, David Olsson, and Samia Bayou, individuals who are or were officers and directors of Block-Fi, Inc. and related Block-Fi entities, in the United States District Court for the District of Massachusetts (Case No. 1:23-cv-10472), on behalf of all persons or entities in the United States who invested in Block-Fi Interest Accounts (“BIA”). The class period for the federal securities claims is March 4, 2019 to, and including, November 28, 2022. Block-Fi and their affiliates are presently subject to bankruptcy proceedings filed in November of 2022 and are not named as defendants in this action.
The Complaint alleges that Block-Fi, its affiliates, and the Block-Fi Individual Defendants made false and misleading statements to promote BIAs, including that BIAs were a secure method of collecting interest. In addition, the Complaint alleges that Block-Fi and the Block-Fi Individual Defendants omitted and concealed material information concerning the risks associated with BIAs. The Complaint further alleges Block-Fi and the Individual Defendants engaged in the unlawful offer and sale of securities in violation of Sections 5, 11, 12(a)(2), and 15 of the Securities Act of 1933 by selling BIAs to investors. The lawsuit also alleges claims for violation of Section 10(b) and 20 of the Securities Exchange Act of 1934 and Massachusetts General Law Chapter 110A.
If you invested in BIAs between March 4, 2019 and November 28, 2022, you may move the Court to serve as a lead plaintiff for the Class on or before May 1, 2023. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice. You do not need to be a lead plaintiff to share in any recovery that may be obtained.
If you have any questions concerning this notice or your rights with respect to this matter, please contact:
Richard J. Vita Esq.
Vita Law Offices, P.C.
100 State Street, Suite 900
Boston, MA 02109
Tel: (617) 512-6566
rjv@vitalaw.com
Fred Isquith Esq.
Isquith Law PLLC
222 E 80th Street
New York, New York 10075
Tel: (718) 775-6478
Email: isquithlaw@gmail.com
