GBOX.US
id: 566
Ryvyl ($RVYL) Investor Settlement
The parties have reached an agreement to settle the case, but the terms are still being finalized.
S.D. California
Court23-CV-00185
Case number01/29/2021
Class period Start01/20/2023
Class period EndRyvyl ($RVYL) has reached a settlement with investors over claims that it engaged in accounting fraud and misrepresented financial statements.
Outline
In 2022, Ryvyl was accused of manipulating its financial statements, inflating revenue and assets while understating losses. Following these revelations, $RVYL fell 14.63%, and Ryvyl faced a lawsuit from investors.
Timeline
- January 20, 2023 – Ryvyl announced accounting errors requiring financial restatements, admitting that prior financial statements could not be relied upon.
- January 23, 2023 – $RVYL fell 14.63%
- March 8, 2023 – The company’s CFO resigned, raising concerns about Ryvyl’s financial integrity.
- April 28, 2023 – Investors filed a lawsuit, claiming Ryvyl misrepresented its financial condition.
- February 2025 – Ryvyl agreed to settle to resolve investor claims.
Background
In 2022, Ryvyl positioned itself as a leading fintech company, reporting strong revenue growth and increasing assets.
However, in January 2023, the company admitted accounting errors and disclosed that previous financial statements were unreliable. These corrections revealed inflated revenue, understated losses, and serious internal control weaknesses.
Further investigations by Ryvyl’s Audit Committee, independent auditors, and the SEC revealed significant financial misstatements.
Following this, $RVYL fell 14.63%. And, shortly after, in March 2023, the company’s CFO resigned, raising further concerns about Ryvyl’s financial integrity.
By April 2023, investors filed a lawsuit, alleging that Ryvyl misled them about its true financial position.
What Can Investors Expect Now?
Ryvyl has reached a settlement with $RVYL investors over claims that it engaged in accounting fraud and misrepresented financial statements.
If you were affected by this situation, you may be eligible to file for a payout and receive your share of the settlement. Check the FAQ section below for details on eligibility and claims.
Case Status
Tentative Settlement
Alleged Offence
Mismanagement,
Financial Misrepresentation,
Fraud,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Filing date
02/01/2023
Plaintiffs
Scot S. Cook
Attorneys
The Rosen Law Firm, P.A. (Los Angeles, CA)
Defendants
Ben Errez, Fredi Nisan, J Drew Byelick, Benjamin Chung
Judge
Hon. Gonzalo P. Curiel
Trades matching type
FIFO
Frequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How long does the payout process take?
What is 11th Estate?