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RVYL.US
id: 566

Ryvyl ($RVYL) Investor Settlement

$300,000
Cash Settlement
S.D. California
Court
23-CV-00185
Case number
01/29/2021
Class period Start
04/20/2023
Class period End
12/27/2025
Claim deadline

Ryvyl ($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 Type
US Securities Class Action
Case Status
Claim Submission Closed
Alleged Offence
Mismanagement, 
Financial Misrepresentation, 
Fraud, 
Negligence, 
Breach of Fiduciary duty, 
Omissions
Suspected Party
Directors, 
Management, 
Service Provider
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.04
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
Court hearing date
12/19/2025
Exclusion deadline
11/28/2025
Objection deadline
11/28/2025
Attorney fee
$184,990
Trades matching type
FIFO

Frequently Asked Questions

Who is eligible for this settlement?

All persons who purchased or otherwise acquired Ryvyl’s publicly traded securities pursuant and/or traceable to the Registration Statement for Ryvyl’s Initial Public Offering on or about January 29, 2021, or who purchased or otherwise acquired Ryvyl’s securities during the period from January 29, 2021, through January 20, 2023, inclusive, and were damaged thereby.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11th Estate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

1. Prepare documents for your payout

2. Audit the claim and make sure you get the maximum possible payout

3. File a claim with the settlement administration

4. Correspond with the settlement administration to resolve emerging issues

5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.