Riot Blockchain, Inc. (RIOT) Accused of Scheming to Capitalize on Public Interest in Cryptocurrency

According to the class action complaint, on October 4, 2017, Riot Blockchain, Inc. (RIOT) announced it was changing its name from Bioptix, Inc. to Riot Blockchain, Inc. to coincide with the company's shift toward becoming a strategic investor and operator in blockchain technologies. Thereafter, the company cancelled its annual meeting and it was reported that Riot had no real underlying blockchain business plan, paid more than $11 million for cryptocurrency mining equipment worth only $2 million, and apparently had no intent of ever holding its annual meeting. Then, on April 9, 2018, Riot received a subpoena from the U.S. Securities and Exchange Commission as a result of numerous red flags in the company's SEC filings. Since news of Riot's questionable decisions became public, its stock has fallen approximately 73% to close at $4.58 per share on July 16, 2018.

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