{"id":918,"date":"2017-12-28T16:15:02","date_gmt":"2017-12-28T21:15:02","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=918"},"modified":"2023-06-12T13:18:48","modified_gmt":"2023-06-12T13:18:48","slug":"silver-miller-sues-giga-watt-inc-ico-class-action-blockbuster","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/silver-miller-sues-giga-watt-inc-ico-class-action-blockbuster\/","title":{"rendered":"Stormsmedia Sues Giga Watt, Inc. in ICO Class Action Blockbuster"},"content":{"rendered":"<p><a href=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/gigawatt-mining-farm-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-934\" src=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/gigawatt-mining-farm-1-300x300.png\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/gigawatt-mining-farm-1-300x300.png 300w, https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/gigawatt-mining-farm-1-150x150.png 150w, https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/gigawatt-mining-farm-1.png 661w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>On December 28, 2017, Silver Miller and Terrell Marshall filed a<a href=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/Doc-1-Class-Action-Complaint.pdf\"> Class Action Complaint<\/a> against Giga Watt, Inc. \u00a0It is important for investors in companies that raise funds utilizing an Initial Coin Offering to know that all pre-functional token sales fit the U.S. laws\u2019 definition of the sale of a security, which means the seller either has to comply with U.S. securities laws by registering the product or obtain a government-granted exemption from those laws before conducting the sale.\u00a0 In this case, the defendant &#8212; whether intentionally or not &#8212; did neither and is therefore strictly liable for offering and selling unregistered securities. \u00a0Just because utility tokens might one day have a consumptive use does not remove them from being a \u201csecurity\u201d prior to that use.\u00a0 Promoting the expectation of profit from pre-functional tokens, like Giga Watt did and continues to do, is by definition the sale of a security; and this case will hold Giga Watt accountable for its actions.<\/p>\n<p>See the Class Action Complaint:<\/p>\n<p><a href=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2017\/12\/Doc-1-Class-Action-Complaint.pdf\"><em><u>Stormsmedia, LLC vs. Giga Watt, Inc., et al.\u00a0<\/u><\/em><\/a><\/p>\n","protected":false},"featured_media":1857,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[10],"class_list":["post-918","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry","news_categories-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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