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NEWS
The company’s stock price plunged after analysts reported that SOS was “an intricate, ‘pump and dump’ scheme that used fake addresses, undisclosed related entities, and doctored photos of cryptocurrency mining rigs to create an illusion of success.”
January 20, 2023 at 01:45 PM
4 minute read
Class Actions
A company operating what analysts said was a “pump and dump” cryptocurrency mining scheme settled a securities class action brought on behalf of investors for $5 million.
Senior U.S. District Judge Robert Kugler on Friday adopted a report by U.S. Magistrate Judge Elizabeth Pascal recommending approval of the settlement with SOS Ltd. of Qingdao City, China. The report called for allocation of $1.7 million from the settlement fund for legal fees and costs.
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