Giga Watt ICO Investor Securities Class Action Lawsuit 01/04/2018

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Company Name(s): 
Giga Watt
Case Name: 
Giga Watt Class Action Lawsuit 01/04/2018
Case Status: 
Lawsuit Filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 

An investor in the Giga Watt ICO (‘initial coin offering’) filed a lawsuit in the U.S. District Court for the Eastern District of Washington over alleged violations of Federal Securities Laws by Giga Watt, Inc. and Giga Watt, PTE, LTD.

Between June 2017 and August 2017 investors contributed more than $20 million worth of cryptocurrency (bitcoin or Ether) or fiat currency (e.g., U.S. Dollars, Euros) during an Initial Coin Offering (ICO).

According to the complaint the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants promoted and conducted an unregistered offering of securities in connection with an Initial Coin Offering in or about June 2017 - August 2017.

The plaintiff claims that the defendants promoted to investors that, hand-in-hand with hosting and maintaining mining equipment, Defendants would also provide interested investors -- for a separate investment of cryptocurrency -- “purchase and delivery of mining equipment [and related power supplies] through [GIGA WATT, PTE LTD.] with its subsequent setup and hosting at Giga Watt’s facilities in Wenatchee, WA.

The plaintiff alleges that for each investment of bitcoin, Ether, or fiat currency in GIGA WATT prior to the launch of the Giga Watt Project, the investor would be given either Ethereum-based cryptocurrency tokens called Giga Watt tokens (“WTT”) which were newly-created by Defendants and which represented the exclusive right to use the Giga Watt Project’s capacity rent-free for 50 years, or mining equipment and related power supplies to be set up and deployed by the GIGA WATT team at the site of the Giga Watt Project, and that at the time of the ICO, the WTT were valued at approximately $1.00 - $1.20 per WTT, though Defendants purported that value would skyrocket once the Giga Watt Project was fully developed and functional.