MINNEAPOLIS, March 01, 2023 (GLOBE NEWSWIRE) — Lockridge Grindal Nauen PLLP filed a class action lawsuit against Zac Prince, Flori Marquez, Amit Cheela, David Olsson and Samia Bayou, individuals who are officers and directors of BlockFi, Inc. or were . and BlockFi affiliates in 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 that has invested in BlockFi Interest Accounts (“BIA “). The collection period for the federal securities claims runs from March 4, 2019 through November 28, 2022. BlockFi and its affiliates are currently subject to and are not named as defendants in bankruptcy proceedings filed in November 2022. The case has been assigned to and is with Judge Indira Talwani pending at the John Joseph Moakley US Courthouse for the District of Massachusetts, 1 Courthouse Way, Suite 2300, Boston, Massachusetts 02210.

The Complaint alleges that BlockFi, its affiliates, and each BlockFi 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 BlockFi and each BlockFi defendant omitted and withheld material information about the risks associated with BIAs. The lawsuit further alleges that BlockFi and each defendant engaged in the unlawful offering and sale of securities by providing BIAs to investors in violation of Sections 5, 11, 12(a)(2) and 15 of the Securities Act of 1933 were sold. 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 attorneys of its…