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According to the SEC, the commission and Kik took a total of 11 depositions in the case. The twelfth deposition is scheduled for January 28, 2020.
Kik, a Canadian company behind a freeware instant messaging mobile app, has long been involved in a battle with the U.S. Securities and Exchange Commission (SEC) over the enforcement action against Kin token offering in 2017. Now Kik requires trial with the SEC in order to put a legal end to this story.
On Thursday, the SEC updated the status of the case and provided a schedule for further proceedings. According to the document, yesterday, on January 9, the parties took a total of 11 depositions in the case. The twelfth deposition has been scheduled for January 28, 2020. On February 28, parties will exchange expert reports. Then, on March 24, rebuttals to the expert reports will be filed. Further, parties will end expert discovery on April 17. On May 8, Kik and the SEC will file their motions for summary judgment and attempts to exclude any evidence. On June 3, parties will file their oppositions, and on June 19, they will reply to the oppositions.
Besides, the document mentions that Kik requires trial with the SEC and asks to set a date for this trial.
“Separately, Kik requests that the Court set a trial date. The SEC takes no position on whether setting a trial date would be helpful at this stage and submits that the matter can and should be resolved by dispositive motion.”
The document further states:
“The parties seek the Court’s instruction as to whether the next status conference, currently scheduled for January 14, 2020, at 2:30 pm, should proceed. Given the above agreement and status report, the parties do not currently have any issues to present to the Court.”
Kik has been asking for a trial since the summer of 2019. However, these attempts were unsuccessful.
Kik vs SEC: the Story of the Legal Battle
It all began in 2017 when Kik conducted an initial coin offering (ICO) for Kin tokens and raised nearly $100 million. Then the SEC accused the company of conducting an illegal $100 million securities offering. Besides, they claimed that Kik was selling their Kin tokens without registration for taxation.
In response, Kik claimed that its public offering was not a securities sale. Kik CEO Ted Livingston said that they have been expecting such a situation. And to figure everything out, the company started preparing for the legal trial.
In September 2019, some stated Kik was shutting down being unable to struggle against the SEC. However, Ted Livingston promised to do the best to allow the company to continue its existence. As we see, he has fulfilled his promise and Kik continues operating.
The date for the trial is still unclear. Hopefully this year, Kik and SEC will dispose of the matter.