SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of FTX Token USD - FTT-USD
NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of FTX Token USD ("FTX" or the "Company") (CCC: FTT-USD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether FTX and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 8, 2022, market analysts reported growing concerns over the finances of Alameda Research, a hedge fund owned by Sam Bankman-Fried, who also serves as the Chief Executive Officer of FTX. On this news, the price of FIX tokens fell $16.62 per token, or 66.7%, to close at $5.52 per token on November 8, 2022. Then, on November 9, 2022, Binance, a cryptocurrency exchange, disclosed that it was backing out of a plan announced the prior day to acquire FTX, after an initial review of FTX's books and amid reports about government investigations and mishandled customer funds. In a Tweet discussing this decision, Binance stated, "[i]n the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help."
On this news, the price of FIX tokens fell $3.22 per token, or 58.33%, to close at $2.30 per token on November 9, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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