BOSTON, March 6, 2023 (GLOBE NEWSWIRE) — Isquith Law PLLC and Vita Law Offices PC filed a class action lawsuit against Zac Prince, Flori Marquez, Amit Cheela, David Olsson and Samia Bayou, individuals who are or were officers and directors by Block-Fi, Inc. and affiliated Block-Fi entities in the United States District Court for the District of Massachusetts (Case No. 1:23-cv-10472), on behalf of any person or entity in the United States who Invested in Block Fi Interest Accounts (“BIA”). The collection period for the federal securities claims runs from March 4, 2019 through November 28, 2022 inclusive. Block-Fi and its affiliates are currently subject to bankruptcy proceedings filed in November 2022 and are not named defendants in this lawsuit.

The Complaint alleges that Block-Fi, its affiliates, and each Block-Fi Defendant made false and misleading statements to encourage BIAs, including that BIAs are a safe method of collecting interest. In addition, the lawsuit alleges that Block-Fi and Block-Fi’s individual defendants omitted and withheld material information about the risks associated with BIAs. The lawsuit further alleges that Block-Fi and each defendant engaged in the unlawful offering and sale of securities through the sale of BIAs to investors in violation of Sections 5, 11, 12(a)(2) and 15 of the Securities Act of 1933 to have been involved. The lawsuit also alleges violations of Sections 10(b) and 20 of the Securities Exchange Act of 1934 and Massachusetts General Law Chapter 110A.

If you invested in BIAs between March 4, 2019 and November 28, 2022, you may request the court to serve as lead plaintiff in the class action on or before May 1, 2023. Any member of the proposed class may request the court to present itself as lead plaintiff through counsel of its choice. You do not have to be a Lead Plaintiff to participate in any recovery that may be obtained.

If you have any questions about this notice or your related rights, please contact: