Investors Get Partial Class Cert. In Pot Crypto Suit

Law360 (June 24, 2020, 5:12 PM EDT) — A California federal judge certified an investor class in a suit alleging a cannabis cryptocurrency startup violated securities laws with its $70 million initial coin offering, granting their motion in part Wednesday on federal claims but denying their state law claims.

While investors of ParagonCoin Inc., including lead plaintiff Jon Holland, brought claims for violations of federal securities laws and California law, U.S. District Judge Jeffrey S. White said state laws couldn’t be applied to the members of the class outside California. The investors had argued that when ParagonCoin offered what they called PRG Tokens in its 2017 ICO, it did so out…

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