Lockridge Grindal Nauen P.L.L.P Announces Filing of Class Action Lawsuit Against BlockFi Individual Defendants Relating to BlockFi Interest Accounts

MINNEAPOLIS, March 01, 2023 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. 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 BlockFi, Inc. and related BlockFi 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 BlockFi Interest Accounts (“BIA”). The class period for the federal securities claims is March 4, 2019 to, and including, November 28, 2022. BlockFi and their affiliates are presently subject to bankruptcy proceedings filed in November of 2022 and are not named as defendants in this action. The case has been assigned to Judge Indira Talwani and is pending in the John Joseph Moakley U.S. Courthouse for the District of Massachusetts located at 1 Courthouse Way, Suite 2300, Boston, Massachusetts 02210.

The Complaint alleges that BlockFi, its affiliates, and the BlockFi 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 BlockFi and the BlockFi Individual Defendants omitted and concealed material information concerning the risks associated with BIAs. The Complaint further alleges BlockFi 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:

        Gregg M. Fishbein, Esq.
        Stephen J. Teti, Esq.
        Lockridge Grindal Nauen P.L.L.P.
        100 Washington Avenue South, Suite 2200
        Minneapolis, MN 55401
        Tel: (612) 339-6900
        Email: gmfishbein@locklaw.com
        Email: sjteti@locklaw.com