The Tel Aviv District Court has filed a class action lawsuit against the solar energy company Apollo Power. The plaintiffs accuse the company of deliberately misleading investors, saying that they will begin to clear the cryptocurrency. This is reported by Bitcoin.com.
On Monday, December 18, representatives of Apollo Power announced a mining experiment using their energy systems. The company’s shares grew by 150% in just one day, from 4.3 shekels to more than 10 shekels.
Investors suggested that solar energy will help to significantly reduce the cost of electricity miners, and began to actively buy shares, but within six hours the Securities Commission of Israel asked the company to clarify the details of the experiment.
The second Apollo Power statement said that during the experiment, the company produced only 0.000054 ETH (4 cents at the rate of December 18) and concluded that its systems can only drop 35 cents in the equivalent of altcoin per day. In this case, Apollo Power can not produce bitcoin at all.
The plaintiffs accuse the company of the fact that the first statement caused a significant financial loss to a group of investors who bought shares on the basis of “fake” information. In addition, the prosecution is convinced that the word bitcoin was used intentionally, in order to motivate investors against the background of an impressive rally of the first cryptocurrency up to $ 20,000.
Earlier reported, investors filed a class action lawsuit against the project ATBCoin for the placement of shares not registered by the Securities and Exchange Commission.