According to the Complaint, Linqto, Inc. was a financial technology online platform intended to enable investors to indirectly invest in private-market startups and pre-IPO companies, with a primary focus on the technology sector. The Platform provided accredited investors and non-accredited investors the opportunity to purchase securities ("Series Membership Interests") in one or more series (each Private Company being a "Series") of Linqto Liquidshares, LLC, a Delaware series limited liability company.

This lawsuit was brought on behalf of a class of investors who purchased Series Membership Interests ("SPV units") in one or more series of Linqto Liquidshares, LLC through the Linqto online platform. The Complaint alleges that during the Class Period, the Defendant, Linqto's former CEO, made materially false and misleading statements regarding the Company's business operations, the availability of SPV shares related to the Ripple series, Linqto's financial condition, and compliance practices. The Complaint further alleges that the Defendant orchestrated a scheme of rewarding accredited investors with Linqto Bucks and/or XRP air drops from his personal Uphold Account, reducing the costs of SPV unit shares for accredited investors while using fraudulent and deceptive marketing, creating FOMO (fear of missing out) by claiming very limited Ripple series availability, and causing non-accredited investors to pay even higher mark-ups.