On October 4, 2021, Plaintiffs won an appeal case against Helbiz. The appeal court canceled the judge's decision about jurisdictions. Appeal order states: "The district court erred in relying on these documents and viewing them most favorably to Defendants. We have considered Defendants’ remaining arguments and find them to be without merit. Accordingly, we VACATE the judgment of the district court and REMAND for further
proceedings consistent with this order.
So, soon Plaintiffs will amend their complaint, and the process will go on in New York Southern District Court. Moreover, as we understand, Plaintiffs are going to make a separate federal securities claim under Section 10(b). Look the order here
On September 15, 2021, there was an oral argument for the appeal process Barron et al vs Helbiz Inc. As you know, Helbiz had ICO
at the beginning of 2018, and in June 2020 Helbiz coin investors filed the class-action case
in New Your Southern District court. After 7 months of the pledge stage, the judge recognized Helbiz coin as security and dismissed the case without prejudice in other jurisdictions.
So, the main question was what is this other jurisdiction: does the judge say about federal court instead of the district court, or other countries such as Italy or Singapore?
, the plaintiff's attorney, believes that the judge made 3 errors, and District Court should allow plaintiffs to amend compliant in District Court.
of the appeal court are concerned the district court haven't done enough analysis that this isn't a district case, but a federal case of securities fraud.
, Helbiz attorney, believes that judge meant Singapore only when was talking about other jurisdiction. Also, Robert agreed this is a fraud case, not a case of breach of contract.
, Skrill's attorney, believes this is a security fraud case that is being disguised in state law claims. For the judge's question, does William consider that other jurisdiction only to mean foreign jurisdictions or another court, William answered he understand the question, but can't read this, because judge Stanton didn't specifically say what jurisdiction means.
The appeal decision may take a few months.
So, all it look like Helbiz and it's officers may face a Federal Securities Fraud case.