Milan 4 August 2020LEXIA Avvocati has been appointed to assist a group of Italian investors to undertake legal action relating to the ICO (Initial Coin Offering) promoted in 2018 by Friendz S.r.l., through the Swiss company Friendz S.A., which had raised over € 24 million.

The action for damages originates from the alleged violation of the laws and regulations regarding the public offer of “financial products” by the issuing company, promoters and bidders of tokens known as “Friendz Coin” (FDZ), which were the subject of a public offer in Italy as part of an ICO (Initial Coin Offering) promoted in the period between 1 March 2018 and 21 March 2018 by the Italian company Friendz S.r.l., through the company under Swiss law Friendz S.A.

As a result of the listing on some exchanges the “Friendz Coin” lost more than 99% of the value compared to the listing price.

LEXIA Avvocati, which recently launched an online platform dedicated to the promotion of class actions (and to the collection of adhesions) against the offers of new cryptocurrency in violation of the law (TokenClassAction), will follow the group of investors with a team composed of managing partner Francesco Dagnino, assisted by associates Andrea Biglia and Filippo Belfatto.