On Friday, Ripple announced a victory that denied Tetragon a preliminary injunction. In the meantime, everyone FUDDin' here give all your worthless XRP to me, I'll hold on to it for ya. Meanwhile, apart from the SEC litigation, Ripple is also battling with Tetragon, the lead investor in Ripple’s 200 million Series A, which is asking for its money back. Ripple’s Series C lead investor Tetragon sues company in wake of SEC charges. Worse case, Ripple execs pay up for whatever they settle upon. Headlines News Ripple’s Series C lead investor Tetragon sues company in wake of SEC charges. Woulda, coulda, shoulda, just like the SEC trynna "protec" all the investors who just lost multi-billions in value with their FUD lawsuit for what probably might only end up being a billion even in fines. Didn't stop them from signing off on fraud. en/Gyroscope-Therapeutics-Announces-148-Million-Raised-in-Series-C-Financing. Well no no no, we can't blame the auditors now, they were fooled just like everyone else. Shortly after the SEC filed its charges, U.K.-based investment firm Tetragon sued Ripple, too, seeking 175 million in repayment from its Series C investment. 16:27, hugepants: Tetragon To Pay Ripple 3.4 Million In Legal Fees After. In late 2021 Ripple elected to redeem the entire class of Series C preferred stock, including Tetragon's holding at the time of 1.5 times the purchase price plus accrued payments on dividends. The funding round raised a total of 200 million, bringing Ripple’s value at the time to an estimated 10 billion. SBI Holdings, a Japanese financial company that was already in a joint venture with Ripple at the time (namely SBI Ripple Asia), also participated. Like I said, either Ripple execs are the sneakiest, trickiest fraudsters ever to do the crypto thing, fooling hundreds of people including SEC regulators, auditors, Big 4 accountants, lawyers, CEOs, retail and professional investors alike OR just maaaaybe the SEC is going on a witch hunt. Tetragon was among the leading investors in Ripple’s Series C round back in 2019. According to a Bloomberg report, Tetragon is seeking to »block Ripple from using any cash or other liquid assets until the payment is made«. That set off a cascade of events that started with Wirecard admitting it couldn’t locate billions of euros in cash, followed by the ousting and arrest of former Chief Executive Officer Markus Braun before Thursday’s insolvency filing. Investment company Tetragon, who led Ripple’s 200 million Series C investment round in 2019, is now suing Ripple in an attempt to have the company redeem the Series C preferred stock owned by Tetragon. (The firm remains the auditor of record). It is amazing that they signed off on the 2018 account.”ĮY, as the accounting firm is officially known, finally sounded the alarm last week, when they refused to sign off on Wirecard’s 2019 financial report. “They were defrauded like everyone else but, as auditors, they should have looked through it. The courts will provide this clarity and we are very confident in our position.“Ernst & Young bear responsibility for this,” said Neil Campling, an analyst with Mirabaud who has had a price target of zero on Wirecard since March 2019. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Since there has been no such determination, this lawsuit has no merit. “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. The company has asked the court for a temporary restraining order, a preliminary injunction, and an expedited trial.įollowing the publication of this report, Ripple addressed the legal filing in a statement posted to its website, stating :
Tetragon also wants to block Ripple from using any cash or other liquid assets until the payment is made. Tetragon filed its complaint on Monday in Delaware Chancery Court, seeking to "enforce its contractual right to require Ripple to redeem" Series C preferred stock, per the report. Securities and Exchange Commission (SEC), according to a report by Bloomberg. Tetragon Financial Group, the lead investor of Ripple's $200 million Series C, has sued the company after a recent complaint by the U.S.
Ripple is facing yet another lawsuit, this time from one of its investors.