Overview

A class action lawsuit has been filed against Migom Global Corp. (“Migom Global,” “Migom,” or the “Company”) (Other: MGOM) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The Migom class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Migom Global Corp. common stock on the OTC Pink Markets or pursuant to other domestic transactions between December 6, 2019, and August 25, 2022, both dates inclusive (the “Class Period”).  Investors have until December 24, 2024, to seek appointment as lead plaintiff in the Migom class action lawsuit.

Migom Bank Ltd. (“Migom Bank” or the “Bank”) was established and licensed as an offshore bank in the Commonwealth of Dominica in August 2019.  The Bank was created to serve international clients in the fintech, gaming, and crypto industries, and promoted itself as a disruptor in the banking sector, with low fees, a decentralized business model, and other features devised to serve the underbanked population.  In late 2019, the Bank underwent a reverse merger through the acquisition of Migom Global, a U.S. publicly traded company whose stocks are traded on the OTC Pink Markets in New York under the trading symbol “MGOM.”  As a result of the reverse merger, the Bank became the only and wholly owned subsidiary of Migom.

The Migom class action lawsuit claims that Defendant Migom Global Corp., and its subsidiary, Migom Bank Ltd., based in the Commonwealth of Dominica, established a specialized banking service for international clients in fintech, gaming, and crypto sectors, quickly attracting large deposits and boosting Migom Global’s market cap to nearly $1 billion.  However, Chief Executive Officer and major shareholder Thomas Schaetti allegedly submitted fraudulent financial statements to the U.S. Securities and Exchange Commission (“SEC”) and customers, while redirecting millions from client deposits into companies he controlled.

According to the lawsuit, Dominica has since launched international criminal proceedings against Schaetti and closed Migom Bank, while the SEC suspended trading of Migom’s securities, resulting in investor losses of $750 million.  Consequently, a lawsuit has been filed on behalf of affected investors, alleging that Migom misled auditors, investors, and regulatory bodies by falsely representing its business as profitable while actually siphoning funds.

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If you purchased or otherwise acquired Migom Global common stock on the OTC Pink Markets or pursuant to other domestic transactions between December 6, 2019, and August 25, 2022, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the Migom class action lawsuit is December 24, 2024.