Riot Blockchain Soars Despite Law Firm Speaking on Class Action Complaint

Riot Blockchain class action complaint

Despite the Riot Blockchain class action complaint, there has been little effect on the stock price. At least, not today it hasn’t. 

Yesterday, Robbins Arroyo LLP, a shareholders rights law firm, reminded the public that Riot purchasers filed a class action complaint against the company.

Riot Blockchain Class Action Complaint: Stock in the Clear 

Based in Colorado, Riot Blockchain is a company that builds and supports blockchain technology. This month, we have seen the company release its June 2018 crypto mining production yield. There, the company announced that it produced around 117 Bitcoins last month, as well as roughly 290 Litecoins. 

Then more news came last week: Riot will be partaking in Oppenheimer’s 21st Annual Technology Internet & Communications Conference Blockchain panel. This conference will take place in August, on the afternoon of the 7th, in Boston, Massachusetts.

Despite this, the company has made its fair share of questionable decisions. And since those decisions became public, the stock has fallen roughly 73%, closing yesterday at $4.58. 

Regardless, the stock found its way into the green zone today and even became one of Yahoo Finance’s trending tickers of the day. All of this occurring 24 hours after Robbins Arroyo LLP reminded the public of the Riot Blockchain class action complaint. 

A Timeline of the Riot Blockchain Class Action Complaint 

Purchasers of RIOT accused the company of scheming, with specific reference to plotting to profit from the mainstream interest in the crypto industry. 

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To make it easier to understand, we’ve provided a timeline of the class action complaint: 

1. October 4, 2017: 

– Riot Blockchain discloses that it is changing its name from Bioptix, Inc. 

– This was done to coincide with the company’s pivot toward transitioning into a lead operator in blockchain 

– With that, the company cancels its annual meeting 

2. Days Following October 4th 

Reports surface that Riot has no blockchain business plan, and had no intention of going through with its annual meeting 

3. April 9, 2018

Riot Blockchain receives a subpoena from the SEC. Commission does so because of red flags in Riot’s filings. 

>> TESSCO Technologies Dividends are Safe

Riot Blockchain Stock Price: July 17, 2018

The Riot Blockchain stock (NASDAQ:RIOT) may have closed around $4 yesterday, the day that Robbins Arroyo LLP spoke again of the case, but it soared today. 

According to Yahoo Finance, Riot Blockchain closed trading at $6.29, which puts the stock up 37.64% at the time.

The Takeaway

What do you think of the Riot Blockchain class action complaint? Did you forget about it until yesterday, when the law firm reminded the public? 

It will be interesting to see the direction the Riot Blockchain stock takes tomorrow. Check back in then. 

Featured Image: Facebook