Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
08/27/2021
Initial Lawsuit
03/07/2022
Lawsuit Progression
06/07/2022
An investor filed a class-action lawsuit on behalf of all investors who purchased SafeMoon tokens* between March 8, 2021 and the time of filing the complaint on March 7, 2022, and were damaged thereby.
*The complaint defines the SafeMoon Tokens as “blockchain-based digital assets known as BEP-20 tokens that are created using the Binance Smart chain mainnet blockchain.”
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) the company’s executives, collaborating with several celebrity promotors made false or misleading statements to investors about SafeMoon through social media advertisements and other promotional activities, and disguised their control over SafeMoon and a significant percent of the SafeMoon Tokens that were available for public trading during the class period (float);
(ii) in furtherance of this scheme, defendants touted the technological innovation of the company’s token and related cryptocurrency wallet, as well as the ability for investors to make significant returns due to the favorable “tokenomics” of the SafeMoon Tokens;
(iii) in truth, defendants marketed the SafeMoon Tokens to investors so that they could sell their portion of the float for a profit.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.