Xunlei Ltd. investors can’t pursue their suit alleging the Chinese firm misled them about a “disguised” and purportedly illegal coin offering, a New York federal judge ruled Sept. 10.
The Shenzhen-based cloud computing firm allegedly hid details about legal issues surrounding its OneCoin digital tokens. But the investors didn’t sufficiently allege that the tokens were illegal in China at the time, the U.S. District Court for the Southern District of New York said, dismissing the would-be class suit.
Several Chinese regulators released a joint notice banning the use of ICOs for fundraising in September 2017. A Xunlei executive allegedly ...
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