Squitieri & Fearon LLP and Moore Kuehn PLLC File Class Action Suit Against BlockFi, Inc. founder Zac Prince, et al.

New York, New York--(Newsfile Corp. - February 28, 2023) - Squitieri & Fearon LLP and Moore Kuehn PLLC today announced that it filed a class action seeking to represent stockholders of BlockFi, Inc. ("BlockFi") who purchased their BlockFi unregistered BlockFi Interest Accounts ("BIAs") between March 4, 2019 and November 10, 2022 (the "Class Period").

This class action was filed in the District of New Jersey and is captioned Trey Greene, Individually and on Behalf of All Others Similarly Situated v. Zac Prince, et al., Case No. 2:23-cv-01165 ("the BlockFi class action").

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased BIAs during the Class Period to seek appointment as lead plaintiff in the BlockFi class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the BlockFi class action lawsuit.

The lead plaintiff can select a law firm of their choice to litigate the BlockFi class action lawsuit. An investor's ability to share in any potential future recovery of the BlockFi class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the BlockFi class action lawsuit, you must move the Court no later than 60 days from February 28, 2023. If you wish to discuss the BlockFi class action lawsuit or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Lee Squitieri of Squitieri & Fearon LLP at (212) 421-6492 or via e-mail at lee@sfclasslaw.com or Fletcher Moore of Moore Kuehn PLLC at (212) 709-8245 or via e-mail at fmoore@moorekuehn.com

The BlockFi class action lawsuit charges certain BlockFi officers with violations of securities laws. The BlockFi class action complaint alleges that, throughout the Class Period, class members were sold unregistered securities by the crypto company BlockFi, Inc., a New Jersey based company founded by Zac Prince and Flori Marquez and controlled by Defendants Zac Prince, Flori Marquez, Tony Laura, and Jennifer Hill (collectively "BFI Defendants"). The unregistered securities sold by the BFI Defendants on behalf of BlockFi were marketed and sold via a steady stream of misrepresentations and material omissions by founders Zac Prince and Flori Marquez over several years and through intermittent misrepresentations by Defendant Gemini Trading LLC.

The truth about Prince's and Marquez's misrepresentations about BlockFi started to unravel when, among other things, California's financial regulator revoked BlockFi's lending license for failure to comply with California loan underwriting standards concerning the creditworthiness of borrowers and their ability to repay loans. Thereafter, additional disclosures established the extent and materiality of Prince and Marquez' misrepresentations during the Class Period.

Squitieri & Fearon, LLP is one of the Nation's leading law firms representing investors in securities litigation. Squitieri & Fearon has been recognized by courts throughout the country for its high-quality and professional experience handling complex lawsuits, particularly in the fields of securities, ERISA, wage and hour, mass torts, shareholder derivative actions and antitrust claims. Squitieri & Fearon attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.sfclasslaw.com for more information.

Moore Kuehn is a New York City law firm with attorneys representing investors and consumers in litigation involving class actions, securities laws, breaches of fiduciary duties, and other claims. For additional information about Moore Kuehn, please visit http://www.moorekuehn.com/practice/new-york-securities-litigation/.

Contact:

Squitieri & Fearon, LLP
Lee Squitieri (212) 421-6492
lee@sfclasslaw.com

or

Moore Kuehn PLLC
Fletcher Moore (212) 709-8245
fmoore@moorekuehn.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156661