Honest to god, what other types of businesses could get away with this behavior. They have lied on so many past promises it's unbelievable. Has there been any talks on a lawsuit? Is there any legal recourse? I truly believe they should be prosecuted and sued. Some people donated thousands upon thousands on a lie. That is deserving of prison time. These people should be behind bars.
Does anyone know about if a class action lawsuit is possible?
I'm not a lawyer, and it's sad how access to the law increasingly is the preserve of the rich, so I've not had any legal advice... but at a guess the best chance of any kind of action is when they fail to deliver the future episodes; I've emailed Kickstarter in the past about them moving the promised rewards to being a second Kickstarter, which is a direct violation of both the T&C of Kickstarter (You have to make every effort to complete the rewards once the KS that promises them is funded, not run a second for them) and what people assumed they were getting... but I just get generic boilerplate back about "working it out between you and the company." It also depends though on whether Portalarium offer any refunds or other form of attempted settlement when it becomes obvious they can't meet their promises...
I don't think they will. I also think they'll just try and string development out, and thus claim they haven't failed yet, until all the money is gone and there's little left to give back.
To make an investment, you will need the following information readily available:
Personal information such as your current address and phone number Employment and employer information Net worth and income information Social Security Number or government-issued identification ABA bank routing number and checking account number (typically found on a personal check or bank statement)
If you are investing under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
How much can I invest?
An investor is limited in the amount that he or she may invest in a Reg CF offering during any 12-month period:
If either the annual income or the net worth of the investor is less than $100,000, the investor is limited to the greater of $2,000 or 5% of the lesser of his or her annual income or net worth. If the annual income and net worth of the investor are both greater than $100,000, the investor is limited to 10% of the lesser of his or her annual income or net worth, to a maximum of $100,000.
Separately, Portalarium has set a minimum investment amount of US $499.
Accredited investors investing $20,000 or over do not have investment limits.
How can I sell my shares in the future?
Currently there is no market or liquidity for these shares. Right now Portalarium does not plan to list these shares on a national exchange or another secondary market. At some point Portalarium may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Portalarium either lists their shares on an exchange, is acquired, or goes bankrupt.
Who, in their right mind, is going to invest at this point?
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