The plaintiffs in the class-action lawsuit against Ripple Labs filed a further lawsuit against the CEO of Ripple, Brad garlinghouse,. The news follows on the recent court ruling, with the attempt of Ripple Labs, to achieve the dismissal of the lawsuit, was rejected.
25. March ranged the plaintiff Ripple Labs to sue to the court an amended complaint against the CEO of the company, Brad garlinghouse,. According to the court records, Garlinghouse has communicated to the Public in Interviews and on Twitter, some of the statements that favor allegedly, the argument of the plaintiff. The document notes that the CEO told people on Twitter and in the media that he “think long XRP”, but the applicants believe that Garlinghouse XRP tokens sold on a regular basis. In the complaint it States:
Ripples CEO, Brad Garlinghouse, has also been clamoring for investment in XRP. In an Interview with BNN of 14. December 2017, said the CEO on the question of whether he is personally invested in XRP: “I’m a long XRP, I am a very, very long XRP, as a percentage of my personal balance sheet.
Do you believe that retail investors were harmed by these alleged actions, and that the employees of Ripple Labs knew of these operations, further alleged by the plaintiff.
Rather, garlinghouse] XRP to small investors sold out [in exchange for dollars and other crypto-currencies,
according to the lawsuit.
The defendant had only or better Knowledge on essential information about garling houses XRP sales, they have omitted but in their representations to the investors, Accordingly, garling houses statement was a misrepresentation and omission of material facts to investors.
In Essence, the plaintiffs are accusing the Ripple Labs, is also of the opinion that the company has advertised XRP as a brand for the network. Ripple will continue to be accused of, to use XRP as a source of revenue. Apart from the fact that they earn revenue, say the applicants, that XRP is basically a value paper and other products such as RippleNet and Xvia are just smoke and mirrors with no real value. Ripple Labs and garling house have denied all of these accusations against you and tries to dismiss the action. In addition to the attempt of the plaintiff to reach a Jury, the case, the question of whether XRP is a paper to the American law. The plaintiffs claim that XRP is a value paper, and that the whole project is centralized.
The plaintiffs, highlighting for example, that the XRP product Manager at Ripple Labs, Warren Paul Anderson, has frequently tweeted about the centralization of the problems of XRP.
On 9. January 2018 to Anderson implied that the XRP Ledger remains centralized, and is tweeting that the New XRP Ledger 0.81.0 Release brings us a step closer to the execution of our above-mentioned decentralization strategy,
noted the complaint. If XRP is actually worth the paper seems to be not finally clarified, so that it remains to be seen which direction this case will develop.
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