Eqonix Limited
A securities class action has been filed in the USDC – S.D.N.Y. against Eqonex Limited (EQOS) on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Eqonex securities between March 7, 2022 through November 29, 2022.
Eqonex (formerly Diginex Limited) was a Singapore-domiciled digital assets financial services company which operated four business lines: Custody, Asset Management, Brokerage, and the Eqonex Exchange (the “Exchange”). Notably, the Custody business was composed of Digivault, a stand-alone digital asset custodian based in the United Kingdom (“U.K.”) which was the first one to be registered with U.K. Financial Conduct Authority (“FCA”), and the Exchange business facilitated the trading of products in BTC, ETH, BCH, USDC, USDT and EQONEX’s alleged utility token known as EQO through a purportedly “compliant, secure, fair, and equitable platform.”
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:
- Defendants were not interested in leveraging the Exchange or deploying resources to strengthen that technology;
- Eqonex had no way of paying Bifinity back pursuant to the Loan Agreement;
- Bifinity and Binance had no intention of consummating a merger between Eqonex and Bifinity or Binance; and
- as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Eqonex securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”.
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