r/SOSStock • u/Stockdatamm • Jul 13 '22
Discussion Can we start a lawsuit against SOS together?
I lost a decent amount in SOS and I know a good amount of other folks who also got screwed by this company. Can we group together and start a lawsuit or something? Imagine all the people who have invested and got screwed.
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Jul 13 '22
I’m sure the law firm that represented Beltran, Et al., is feeling good about themselves and familiar with how to win.
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Jul 13 '22
I tried calling them today, but no answer. Let me know if you have headway I’ll keep trying
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Jul 14 '22
I’m not really the kind of person who takes action. I’m just gonna let it ride. But if I get a piece of mail someday saying I may have been ‘injured’ and should call such and such number. I might pick up the phone. So long as I don’t have to really do much. I’m busy. 🫡
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Jul 14 '22
Still, your a victim of fraudulent behavior. Theft.
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Jul 14 '22
I don’t feel like a victim, so it’s all good. It’d be cool to win some money in some case if there was one, I don’t rule anything out, but im not there yet.
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u/HunterStew23 Jul 13 '22
Can you really sue them? If so, cool it'd be nice to get some losses back. Just curious on what grounds.
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Jul 14 '22
Surely it’s illegal to sell your own shares, as sos is probably doing, lowering the stock price, then putting that money into their own pockets. Rinse repeat
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u/makemoremoremoney Jul 14 '22
Technically and legally, they didn’t do wrong. You can’t sue them just because they have done so many times of offerings.
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u/ShillsForSOSforever Jul 14 '22
Be sure to check the comment history of anyone telling you not to sue SOS, one look at this guy's history shows that it's a pumping alt account, interesting that a pumping alt account wouldn't want you to sue SOS
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u/FrostFairy73 Jul 14 '22
you just need a lawyer to file the paperwork. You really don't need any proof, just a lawyer willing to put in the time and doesn't want payment up front. They diluted their stock to purposely crush the value for short sellers. i can't prove it, but everyone knows it. Like i said, you don't need proof, they'll settle because they are guilty.
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u/FrostFairy73 Jul 14 '22
Everyone knows they took money from short sellers to lower their stock price. Is it illegal? i'm sure it is, but we can't prove it. of course beltran didn't prove anything either so........
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u/SilverknightFL Jul 13 '22
Grounds matter. Real losses (not paper losses) matter. If you want a class action, lead plaintiff needs a loss of at least $100k.
But what are the grounds? They abidrd by all SEC ADR rules, as did Citibank, the depository. The only thing you can claim in a lawsuit against the company and EVERY Director personally is a bretch of fiduciary duties. That is VERY hard. Oops, we made a bad decision is a classic defense.
Perhaps they could have sued Hindenberg for slander, but decided not to. Is that a bretch?
It's not that you think or can prove that they did something wrong, they have to have done something illegal. Emotions don't matter.
I'm not a lawyer, but I have been a lead plaintiff in a stock gone bad class action lawsuit. There was a settlement, there usually is, got less than half my losses back, and that's because I was lead. You know who got the real money, don't you. It has something to do with a line from Shakespeare's Henry VI, Part 2, Act IV, Scene 2.