3 may, a lawsuit was filed against Ripple Labs Inc., its subsidiaries XRP II, LLC, , CEO brad Garlinghouse and other related Ripple,
The lawsuit accuses the Ripple, among other things, “to try to collect hundreds of millions of dollars for unregistered XRP sale to retail investors in violation of the registration provisions of state and Federal securities laws”.
The suit was filed by Taylor-Copeland law firm in San Diego that claims to be acting on behalf of the affected investors who have suffered losses as a result of sale Ripple XRP. Ripple created 100 billion XRP out of the air, and the company has since continued to sell these XRP huge profits, as stated in the complaint.
The lawsuit also said that an increase in demand for XRP, and thereby to increase profits, which can get a company selling XRP, Ripple Labs XRP consistently portrayed as a good investment, cited optimistic forecasts of prices and pooled corporate clients Ripple Labs using XRP. For example, in 2014, Ripple Labs has said publicly that “we will use the allocation strategy, which we expect will lead to stable or increasing XRP exchange rate against other currencies”. Ripple Labs have greatly increased the number of these efforts to promote XRP on the market in 2017 and 2018
The lawsuit also involves allegations that Ripple tried to bribe two of the most popular services for the exchange of cryptocurrency in the USA, so they added support for XRP. Gemini and Coinbase has not added XRP, but the lawsuit alleges that this speculation has led to a rise in the rate of XRP. The plaintiff is convinced that Ripple and was the source of these rumors and that they started to consciously nurture the growth rates of XRP.
The plaintiffs further accused the company that it has all the traditional characteristics of stock, but despite this Ripple is not cryptocurrency registered in the Commission on securities and stock exchanges.
Buyers XRP reasonably expected to profit from their ownership of XRP, and the defendants have often emphasized the opportunity for profit. However, the defendants not only did not register XRP, but also many of the representations that have been associated with the XRP, was created to ensure that demand from cryptocurrency that allows the Ripple to obtain a greater return from sales of XRP.
One of the main plaintiffs is Ryan Coffey from San Diego, CA, which acquired 650 XRP for about 6 January 2018 at a rate of 2.60 dollars per XRP, and sold the same amount of XRP for about 1.70 USD for XRP or about January 18, 2018. Besides the main accused, such as Ripple Labs and the brad Garlinghouse, among other defendants are agents and employers that are alleged in the complaint, acted with the knowledge, permission and consent of the main accused.
Remains to be seen, as will be trial and whether it will have any impact on the company or the rate of XRP.
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