Initial Money Offerings (ICOs) have developed a negative reputation and many investors seem to find themselves dissatisfied with platforms skirting securities laws. Notable actions against ICOs include Ripple Labs and Bitconnect. The former suit involved allegations of unregistered sales of securities and the latter involved failure to disclose material facts connected to the sale.
One platform is seemingly trying to bring ICO class action lawsuits to the public’s awareness.
As the platform explains,
“Our portal is a gathering place for investors who have suffered financial loss related to non-delivering ICOs. We provide assessment, advice and legal support to Class Actions against non-delivering ICOs.”
Even in light of the platform’s explanation of its main goal or purpose, it does leave out other significant information that can be useful for users to assess the propriety of the platform. For instance, it is devoid of information on who is behind the platform, where inquiries go to, what happens after submitting an inquiry, who the platform is affiliated with, and the like.
Rather, what users will find here is a list of ongoing class actions against ICOs, general information about the ICO, the number of class members, and it will prompt users to join. Users should do their due diligence before registering for anything.