Riot Blockchain Pump-and-Dump Claims Dismissed With Prejudice

Riot Blockchain Inc. beat a pump-and-dump lawsuit again, when a federal judge granted the company’s motion to toss the proposed shareholder class action.

Shareholders had alleged that Riot, its leadership, and an undisclosed group of investors participated in a scheme to inflate the price and trading volume of Riot stock. A judge dismissed all claims with prejudice on Friday, ruling that the shareholders’ third amended complaint failed to fix issues with previously dismissed claims or put forward a viable cause of action.

Riot and the group of undisclosed investors allegedly worked together to disseminate false information and conceal two controlling ...