The law firm Hagens Berman is investigating the case of Tezos. Investors of the project suffered significant damage, and the organizers of the ICO ignored the requirements of the American regulator on mandatory registration of securities, which are Tezzies tokens.
Moreover, when the SEC announced that DAO tokens are securities within the meaning of the federal securities laws, and that DAO’s or other distributed ledger or blockchain-enabled means for capital raising must comply with the U.S. federal securities laws, and that such tokens must be registered with the SEC or qualify for an exemption in July 2017, Defendants were put on notice that they had to comply with the securities laws, including, for instance, registering the Tezos tokens with the SEC as required. Nonetheless, during July 2017, Defendants conducted the Tezos ICO and sold over 607 million unregistered Tezzies to the public in exchange for digital currency worth approximately $232 million at the time.
Hagens Berman Announcement
According to the lawyers of the company, the organizers of ICO Tezos knew about the need to comply with US securities laws and register tokens in the SEC, but ignored this fact and sold more than 607 million tokens to the investors.
Tezos investors have sustained significant damages by investing in the ICO. Not only did the Defendants disregard the SEC’s registration requirements but the delay in the launch of Tezos token has forced investors to helplessly watch as their funds are tied up by people skirting the law.
Hagens Berman partner
Hagens Berman encourages Tezos contributors to contact their lawyers, help with the investigation, or contact the US Securities and Exchange Commission (SEC).
According to the SEC informants program, those who provide interesting information that will help to return the depositors' funds can receive a fee of 30% of the amount of the refund.
As we mentioned in article about another Tezos lawsuit, Arthur and Kathleen Breitman both have active Twitter accounts. But same as before, no lawsuit-related posts or information can be found there.