11th Circ. Revives Crypto Investors’ Class Cert. Hopes
Law360 (June 29, 2021, 7:03 PM EDT) — The Eleventh Circuit ruled Tuesday that a district judge’s denial of a group of Centra Tech Inc. investors’ class certification motion was in error, finding that the investors had filed the motion as soon as they reasonably could in their suit over a fraudulent $32 million initial coin offering.
The appeals court said an automatic stay on discovery imposed under the Private Securities Litigation Reform Act was in place for 15 months out of the 18 months between the filing of the suit and the motion for class certification. This “effectively deprived them of any opportunity to conduct discovery in support…
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