Disguising ICO Leads to Class Action Suit Against NASDAQ-Listed Firm

[kreslik.news]

Xunlei, a NASDAQ-listed cloud network provider, was slapped with multiple class-action lawsuits by investors who purchased the company-issued digital token – Linktoken – reported News.Bitcoin.com.

The lawsuits, which were filed in the United States accuse the firm of disguising an initial coin offering (ICO) in China through which it distributed the tokens.

However, Xunlei’s CEO Chen Lei rejected all the allegations. According to his statement to the South China Morning Post, the company is not involved in any wrongdoing as the Linktoken was not distributed via an ICO.

Lei denies that the distribution of Linktoken was an ICO, ... (read more)