DURHAM, N.C., Feb. 28, 2018 /PRNewswire/ — MGT Capital Investments, Inc. (OTCQB: MGTI) announced the dismissal of the pending federal securities class action lawsuit alleging Company violations of the Securities Exchange Act of 1934. Yesterday, the Honorable Naomi Reice Buchwald, United States District Judge, Southern District of New York, entered an Order granting MGT’s Motion to Dismiss in its entirety. Further, this dismissal was granted with prejudice, meaning plaintiffs may not amend the complaint. In summary, the Court found no reason to rule that the Company or any of its Officers misled stockholders with material misrepresentation or omission relating to events in 2016.
“Notwithstanding the distraction, as well as the waste of time, effort and financial resources to defend this baseless litigation, it is reassuring that common-sense justice can still prevail,” stated Robert Ladd, President and Chief Executive Officer of MGT.
About MGT Capital Investments, Inc.
With facilities in northern Sweden and WA state, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to execute on an expansion model to grow its crypto assets materially.
The Company also owns a portfolio of cyber security technologies, including the Company’s first product, Sentinel, an enterprise class network intrusion detector which was released in October 2017. The Company also owns the intellectual property associated with developing and marketing a mobile phone with extensive privacy and anti-hacking features. The cybersecurity products were guided by John McAfee, the Company’s former Chief Cybersecurity Visionary. MGT is presently evaluating various alternatives for its cybersecurity business.
For more information on the Company, please visit: https://mgtci.com
This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company’s most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
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SOURCE MGT Capital Investments, Inc.