NEW YORK –Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ParagonCoin (“PRG Tokens”) of the April 2, 2018 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against Paragon Coin, Inc. (the “Company”).
If you invested in PRG Tokens during the Paragon Coin ICO between August 15, 2017 and October 16, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PRG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to[email protected].
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who acquired PRG Tokens during the Paragon Coin ICO. The case, Davy v. Paragon Coin, Inc. et al., No. 4:18-cv-00671 was filed on January 30, 2018 and has been assigned to Judge Jeffrey Steven White.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by offering and selling unregistered securities during the Company’s ICO.
Specifically, from August 15, 2017 to September 15, 2017, the Company ran the Paragon ICO “presale,” during which time it sold approximately 70 million PRG Tokens at a price between $0.75 and $0.90 per PRG Token. Then, from September 15, 2017, to October 16, 2017, the Company conducted the Paragon ICO “crowd sale.” During the crowd sale, the Company offered PRG Tokens for sale at a price of $1 each on the first day, thereafter increasing the price by $0.05 each day until the end of the ICO. Ultimately, the Company raised an estimated $70 million from investors.
Since the Paragon ICO, the price of PRG Tokens has decreased substantially, causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the Paragon ICO to contact the firm, including whistleblowers, former employees, shareholders and others.
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