No functioning business operations at Envion AG – Damages claimed in court due to incorrect information in the prospectus
Munich/Berlin, 22.08.2018. The dream of high returns has burst for the investors of Envion AG. Instead, high losses are imminent. While investors were able to acquire company shares – tokens – for around one dollar each, the shares are now only worth a few cents. Around 30,000 investors have invested in Envion AG’s ICO and returns of more than 160 percent have been forecast. Apart from hot air, there is not much left of this promise. Investors must fear that their money is largely lost.
Attorney István Cocron, CLLB Rechtsanwälte, has dealt intensively with crypto currencies and in particular with Envion AG. He has now filed claims for damages with the Berlin Regional Court for several investors of Envion AG. In essence, he justifies the lawsuits with fraudulent prospectuses. Attorney Cocron sees various indications for this. The tokens were sold to German investors. However, the prospectus had never been examined by the German Financial Supervisory Authority BaFin. In addition, the information in the prospectuses was incorrect. The experienced lawyer also points out the personnel constructions to the Handelsblatt. Investors would have thought they were investing in a reputable company at Envion AG. On closer inspection, however, it turns out that all persons essential to the ICO work for Trado GmbH in Berlin. Their de facto managing director is Michael Luckow and he is registered in the Berlin debtor register. Attorney Cocron: „If my clients had known about this construction, they would not have acquired the tokens in question“.
The idea behind Envion AG was quite obvious and also promising in the ears of many investors. Since digging crypto currencies requires a lot of energy, Envion AG wanted to use surpluses in green electricity to mine at particularly low cost. Mobile computers should be connected to the power plants for this purpose. However, this required high investments for the time being. At the beginning of 2018, Envion AG had raised around 100 million dollars from around 30,000 investors through the sale of tokens. The only problem is that there has never been a business operation or turnover, reports the Handelsblatt. One reason for this is probably also the disputes among the shareholders, which at times led to the business operations coming to a standstill. The public prosecutor’s office in Berlin is now also interested in the events at Envion AG.
Attorney Cocron does not want to focus at all on the question of which partner has cheated on whom at Envion AG. The injured parties are the investors who were tempted to make the investment by providing false information in the prospectus and can therefore assert claims for damages.
More information: https://www.cllb.de/
Press contact: Attorney István Cocron, CLLB attorneys at law Cocron, Liebl, Leitz, Braun, Kainz, Sittner Partnerschaftsgesellschaft mbB, Liebigstr. 21, 80538 Munich, Phone: 089 552 999 50, Fax: 089 552 999 90; Mail: email@example.com Web: www.cllb.de