ATB Coin Class-Action Suit After ICO

[CryptoGirl]

On December 21, Raymond Balestra filed a class action suit in the Southern District of New York against ATBCoin LLC, Edward Ng (CEO) and Herbert W. Hoover (co-founder). Seeking a jury trial from the court, the plaintiffs alleged that ATBCoin had violated the Securities Act by issuing unregistered securities with the expectation of profit in the form of the ATB coin and the placement of all remaining funds invested into a trust, in the interest of investors.

The complaint alleges:

    “The ATB ICO was a clear offer and sale of securities because, inter alia [among other things], Defendants touted, and Plaintiff and other ATB ICO investors reasonably expected, that the ATB Coins received in exchange for their investments would be worth more than the ETH, BTC, LTC or other currencies invested.”