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Voyager Digital Ltd.

  • Active
Investigation
03/30/2022
Initial Lawsuit
04/28/2022
Lawsuit Progression
07/11/2022

Investigation

Has Voyager Digital Ltd. misled investors regarding its operations? The company has received numerous cease and desist orders from the state securities divisions of Indiana, Kentucky, New Jersey and Oklahoma, and orders to show cause from the state securities divisions of Alabama, Texas, Vermont and Washington. The orders generally assert that Voyager has been offering and selling securities or investment contracts in the form of Voyager Earn Accounts unregistered with the applicable states.

This post is opened for investors to gather facts, findings and track related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

  • Investigation Date
    03/30/2022
  • Hypothetical Affected Period
    November 1, 2019 to July 5, 2022
  • Hypothetical Transgression
    Securities Violation
Main Event

State Securities Divisions Orders

03/30/2022

Company Statement

Voyager Digital discloses the receipt of orders from certain state securities divisions, members of the multistate working group of North American Securities Administrators Association, regarding Voyager customer accounts that permit customers to earn rewards on their crypto balances.

Voyager is aware of or has received cease and desist orders from the state securities divisions of Indiana, Kentucky, New Jersey and Oklahoma, and orders to show cause or similar orders from the state securities divisions of Alabama, Texas, Vermont and Washington.  These state orders generally assert that Voyager was offering and selling securities or investment contracts in the form of Voyager Earn Accounts unregistered with the applicable state.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$5.16 $6.7 $-1.54 -23.01%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 04/28/2022

A Voyager Digital Ltd. investor who purchased/enrolled into the Earn Program Account and used the Voyager Platform to place cryptocurrency investment orders, filed a class action lawsuit against the company. The complaint seeks to represent the following Nationwide Classes and Florida Subclasses:

“(1) Nationwide Voyager Class: All persons or entities in the United States who, within the applicable limitations period, purchased or enrolled in a Voyager Earn Program Account (EPA).
(2) Florida Voyager Subclass: All persons or entities in the state of Florida who, within the applicable limitations period, purchased or enrolled in a EPA.
(3) Nationwide VDL Class: All persons in the United States who, within the applicable limitations period, used the Voyager Platform to place cryptocurrency investment orders.
(4) Florida VDL Subclass: All persons in the state of Florida who, within the applicable limitations period, used the Voyager Platform to place cryptocurrency investment orders.”

  • Filing Date
    04/28/2022
  • Transgression
    Securities Violation
  • Filing Firms
    The Moskowitz Law Firm, PLLC
    Grossman Roth Yaffa Cohen, P.A.
  • Case Title
    Cassidy v. Voyager Digital Ltd.
  • Docket Number
    1:21-cv-24441
  • Court
    Florida Southern District Court
  • Free File
    Complaint

Allegations

Excerpt

“. . . The Voyager Earn Program Account (“EPA”) is a security within the meaning of Section 2(a)(1) of the Securities Act, 15 U.S.C. § 77b(a)(1) because it is a “note” and an “investment contract.”

The EPAs were not registered with the SEC.

Voyager sold and offered to sell the unregistered EPAs to Plaintiff and Nationwide Class members, in violation of 15 U.S.C. §§ 77e(a).

Plaintiff and members of the Nationwide Class suffered damages as a result of their purchase of the unregistered EPAs securities through Defendants’ website and/or application.

As a result of Voyager’s unregistered sale of the EPAs securities, Voyager is liable to Plaintiff and the members of the Nationwide Class. 15 U.S.C. § 77l(a).

WHEREFORE, Plaintiff, on behalf of himself and the Nationwide Class members, demands judgment for rescission and/or compensatory damages, in addition to prejudgment interest, reasonable attorneys’ fees, costs, post-judgment interest, and any and all further relief deemed just, equitable, and proper. . .”

Defendants

  • Company
    VOYAGER DIGITAL LTD.
  • Company
    VOYAGER DIGITAL LLC

Lawsuit progression

  • Docket Number
    1:21-cv-24441
  • Court
    Florida Southern District Court

We will update this page as the lawsuit progresses

Factual Timeline

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