Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In MGT Capital Investments, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MGT Capital Investments, Inc. (“MGT Capital” or the “Company”) (NYSE MKT:MGT) of the November 21, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased MGT Capital stock or options between May 9, 2016, and September 20, 2016 (the “Class Period”). The case, Exley v. MGT Capital Investments, Inc. et al, No. 1:16-cv-07415 was filed on September 22, 2016, and has been assigned to Judge Naomi Reice Buchwald.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the conduct that led to a Securities and Exchange Commission (“SEC”) investigation.
Specifically, on September 19, 2016, the Company announced that it had received an SEC subpoena requesting “certain information” on September 15, 2016.
After the announcement, MGT Capital’s share price fell from $3.26 per share on September 18, 2016 to a closing price of $2.52 on September 19, 2016—a $0.74 or a 22.70% drop.
Then, on September 20, 2016, MGT Capital issued a press release entitled “MGT Provides
Update on Status of D-Vasive Acquisition.” Therein, the Company disclosed that the New York
Stock Exchange informed the Company on September 19, 2016, that the NYSE would not approve the listing of the 43.8 million shares that the Company was required to issue in order to complete the closing of its D-Vasive merger.
After the announcement, MGT Capital’s share price fell from $2.52 per share on September 19, 2016 to a closing price of $1.89 on September 20, 2016—a $0.63 or a 25% drop.
If you invested in MGT Capital stock or options May 9, 2016, and September 20, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/MGT. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding MGT Capital’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.