STOCKS TELEGRAPH

Tag: Lawsuit

  • Ripple (XRP) coin lawsuit update: No Judgement But More Blows

    Ripple (XRP) coin lawsuit update: No Judgement But More Blows

    The US Securities Exchange Commission filed a lawsuit against Ripple Labs in December 2020. The SEC alleges that the firm has been involved in the sale of XRP as an unregistered security. The heated legal battle ensued does not appear to be reaching a judgment any time soon with both parties delivering blows after blows.

    Ripple Labs to call ex-SEC director

    In the most hyped legal battle of the year, Ripple Labs has achieved yet another break with its motion to call the previous director of the SEC Corporate Finance division, William Hinman, to testify. The counsel of Ripple Labs believe that Hinman may have knowledge of the SEC’s policies regarding digital assets which may prove to be crucial for the case. However, the motion may be quashed by the SEC as it has plans to counter it. The SEC has requested a discussion with the presiding judge Sarah Netburn regarding quashing the motion as the commission believes, if granted, the motion will set precedent for the company to dispose of high-ranking government officials.

    XRP Technical Analysis

    Ripple (XRP) fell brutally as the lawsuit was announced. The cryptocurrency recovered eventually during the bull run of 2021 with updates from the lawsuit proving to be irrelevant to the price movements. Ripple (XRP) is on a strong downtrend since the market crashed. The cryptocurrency currently stands at a price level of $0.67. The price of XRP coin has been increasing in the daily timeframe while the trading volume has also been increasing rapidly.

    The market sentiment for Ripple (XRP) continues to be bearish. Out of the total twenty-six technical indicators, fifteen are standing at a sell position with nine neutral indications and only two bullish indicators of buy. The oscillators are mainly neutral while the moving averages suggest a strong downtrend.

  • Coinbase tangled in a class action lawsuit

    Coinbase tangled in a class action lawsuit

    Coinbase is one of the top cryptocurrency exchanges. The exchange recently went public – the first of its kind to do so – which gives it an unparalleled repute in the crypto space. However, the bull run of 2021 brought heavy criticism on Coinbase and other leading crypto exchanges. The bull run saw staggeringly high traffic which caused various blackouts in the exchange. Coinbase was criticized more heavily because of the leading position it enjoys it’s the market. The blackouts also brought under light users who have had their accounts suspended for prolonged periods of time without any apparent reason.

    Six cryptocurrency owners have taken upon their selves to hold the leading crypto exchange responsible. The six crypto owners have filed a class-action lawsuit against Coinbase with the claim that Coinbase had wrongfully suspended their accounts for several months. The crypto owners are seeking $5 million in compensation for themselves. The class action is also open to more plaintiffs and anyone who has been suffering from the same issue is open to join.

    The complaint was filed on Friday to the San Fransico federal court by Joseph Treseder. Treseder claims that he deposited $30,000 in his account at Coinbase to purchase XRP; however, he received an error citing invalid login details. The complaint alleges that due to being locked out of their accounts, the crypto owners suffered losses at time – due to being unable to trade.

    Coinbase’s spokesperson had said the company is looking into the matter. Whether the lawsuit hold or not in court is another matter altogether but for the time being Coinbase’s reputation has taken a hit. The compliant has also highlighted the incompetency of the customer services department which has been the cause of many users’ woes.

  • SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow

    SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow

    The SEC had amended its complaint from the sale of XRP as unregistered security to the US public to public investors all over the world. Ripple Labs has filed a motion in response to requesting documents from offshore exchanges which the council believes will prove that the executives of Ripple Labs Chris Larsen and Brad Garlinghouse did not violate Section 5 of the Securities Act.

    The documents have been requested from iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX, Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology with assistance from authorities of the Cayman Islands, Singapore, South Korea, Hong Kong, UK, Malta, and Seychelles.

    The United States Securities Exchange Commission vs. Ripple Labs may be one of the most anticipated legal battle in the crypto sphere. The SEC decided to go head-to-head with the organization behind the seventh largest cryptocurrency in the market in December of 2020. The SEC alleged that Ripple Labs has issued millions worth of XRP as unregistered tokens. While Ripple Labs denies the allegation, the verdict in the lawsuit will decide the future of XRP.

    Both the parties have been active on the front with motions going to the presiding judge left and right. While it is too early to foresee which party may come out victories, team Ripple had been cheering on the blows that Ripple labs have managed to land on the SEC.

    The SEC had filed a motion to discovery of the subjective opinion of Ripple Labs during conversations with the council. However, the motion was denied by the judge magistrate Sarah Netburn. While the judge has granted Ripple Labs access to internal memos of the SEC in order to support its claim that the SEC is biased against XRP.

  • Here’s Why Eastman Kodak Company (NYSE: KODK) Stock Dropping On Monday

    Here’s Why Eastman Kodak Company (NYSE: KODK) Stock Dropping On Monday

    Shares of Eastman Kodak Company (NYSE: KODK) went down 4.30% on Monday after an investor right firm has reminded KODAK investors of the important Tuesday deadline in Securities class action. The lawsuit has demanded the damages for KODAK investors under the federal securities law.

    As per the lawsuit, the defendants had made a series of false statements and failed to reveal material information regarding the business and operations of Eastman Kodak Company, which were known to the defendants or carelessly ignored by them.

    The lawsuit stated that the defendants have awarded the several insiders millions of dollars’ worth of stock options before the company has disclosed that it had got a $765 million loan from the U.S. International Development Finance Corporation to make drugs to treat COVID-19. This action of the defendant will obviously excite the stocks of Kodak once the deal would be announced.

    The lawsuit also claimed that the insiders who already have information regarding the loan from the U.S. International Development Finance Corporation have immediately bought tens of thousands of Kodak shares before the announcement at a price they knew would increase after the announcement of the loan will be public. Because of this, the defendant has made various false statements regarding the company’s business, and operations.

    Defendants artificially excited the stock price of the company throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak. When the true details were revealed in the market, the lawsuit states that investors suffered huge damages.

    Shares of Eastman Kodak Company (NYSE: KODK) traded down 4.30% as it lost -0.43 on the trading session of Monday. It has a 52-weeks low range of $1.50 and a 52-weeks high range of 60.00. This company has traded up 538.67% from its 52-weeks low and moved down -84.03% from its 52-weeks high. Looking at its profitability its has a return on assets of -15.605%, return on equity of -377.70%, and return on investment of -63.30%. This company has a total market capitalization of $640.14 million at the time of writing.

  • Tesla (NASDAQ: TSLA) Claims Nikola Steal Its Truck Design

    Tesla (NASDAQ: TSLA) Claims Nikola Steal Its Truck Design

    Tesla Inc. (NASDAQ: TSLA) revealed that Nikola Corporation ()NASDAQ: NKLA) has copied the truck design of Tesla from Adriano Mudri, a director of design at the automotive company. Nikola Corporation is in a legal battle with Tesla Inc. as it earlier claimed that Tesla has copied the design of the Nikola One concept. But now the electric car maker is striking back the Nikola Corporation and filed a lawsuit in the US district court.

    Nikola Corporation has earlier obtained the patent for the design of a few features of its Nikola Truck it has launched in 2016, a year before Tesla has revealed its own electric truck.  Nikola is demanding $2 billion in damages from Tesla. But Tesla denied the claim and said that the patent which Nikola has obtained is not valid as it is failed to reveal that some of the Nikola One’s features were designed by Adriano Mudri.

    The electric car maker has issued the statement and revealed that the Adriano Mudri is the designer of the Road Runner concept trucks which is a hydrogen-power concept truck. Tesla said that Trevor Milton has contacted Adriano Mudri during 2014 and or /2015 and he was aware of the design of the roadrunner truck which has similar features as Nikola one.

    Tesla argued that Trevor Milton has deceiving intent in not naming Mudri as an inventor in the patent application. The company also claimed that the patent office wouldn’t have issued the patent if they would have been aware that some features were based on a prior design by Mudri.

    Shares of Tesla Inc. (NASDAQ: TSLA) went up 1.95% at $387.79 during the trading session of Thursday. In the past 52-weeks of trading, this company’s stock has fluctuated between the low range of $43.67 and a high range of $502.49. It has moved up 787.96% from its 52-weeks low and moved down -22.83% from its 52-weeks high. Looking at its liquidity, it has a current ratio of 1.20. Tesla Inc. has a total market capitalization of $346.05 billion at the time of writing.

    Earlier, Hindenburg’s research has also claimed in a report that Nikola Corporation has made a series of false public statements. The research report also claimed that the company has deceived the public with the video called ‘Nikola One in Motion.’ But the Nikola Corporation has denied the accusation. Furthermore,  CEO Trevor Milton has also resigned from his position to defend himself against the claim made by Hindenburg research.