A lawsuit was filed on behalf of investors in the Centra Tech ICO over alleged securities laws violations and Centra Tech investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/02/2018 -- An investor in the Centra Tech ICO (initial coin offering) filed a lawsuit over alleged violations of Securities Laws by Centra Tech, Inc.
Those who invested a substantial amount in the Centra Tech ICO have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
Centra Tech is a cryptocurrency startup company that raised between July 2017 and October 2017 over $30 million in digital currency investments in exchange for Centra Tokens. The plaintiff claims that there are conflicting reports as to the actual amount raised, some reports indicate that the amount raised may have been closer to $50 million. The purported primary purpose of the Centra ICO was to raise capital to operate the "world's first Multi-Blockchain Debit Card with a Smart and Insured Wallet". The plaintiff alleges that the defendants also paid for endorsements from celebrities, such as Floyd Mayweather,and then issued press releases touting "partnerships" with them.
The plaintiff says that in September 2017, Defendants issued a press release entitled "Centra Tech KOs Cryptocurrency Limitations with Floyd Mayweather Partnership", while in reality Mr. Mayweather was paid to make social media posts supporting the Centra ICO.
The plaintiff claims that the Defendants have made an attempt to portray the Centra ICO as a sale of "utility based tokens" that were "not securities, shares or investments." However, the plaintiff alleges that the company and four of its senior members violated the U.S. securities law through selling unregistered securities. The plaintiff says that the Centra ICO was a clear offer and sale of securities because, the Defendants touted, and Plaintiff and other Centra ICO investors reasonably expected, that the CTR Tokens received in exchange for their investments would be worth more than the ETH, Bitcoin (BTC), Litecoin (LTC), or other currencies invested and that additionally, Defendants have explicitly referred to the ICO participants as "investors" and repeatedly stressed the "growth potential" of the CTR Token.
Those who invested a substantial amount in the Centra Tech ICO have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego