The attorneys for plaintiffs listed in the complaint told CNBC they have no interest in turning the case into a media event.
"With respect to the Arizona lawsuit, our comment is simply that we will respond and vigorously defend our client in court against all of the unfounded allegations," Jeffrey S. Gavenman of the law firm Schulman Bhattacharya told CNBC in an email.this month that Guo and the other defendants have until September to speak with their accusers to "provide notice regarding any intent to move to dismiss the Complaint and, if so, the grounds upon which they intend to move.
According to the lawsuit, there were apparently two forms of investments Guo offered through his public broadcasts last year to people interested in funding GTV Media. "Investors were told Ms. Wei was to pool the smaller sums of money and invest them in GTV through another entity, defendant Voice of Guo Media, Inc. , on their behalf. Each of the Plaintiffs and the Class were such investors that invested in GTV securities through Ms. Wei and/or VOG," the lawsuit says.
The plaintiffs said they and other interested investors were told by Wei that they need to show proof they are donors to either the Rule of Law Society or the Rule of Law Foundation, two nonprofits with ties to Guo, in order to "qualify to invest." CNBC reported onRepresentatives for the foundations did not respond to requests for comment.
Wei initially told investors last year, according to the complaint, that "the delay in confirming receipt of the investors' transfers and in countersigning the Limited Purpose Agency Agreement was caused by Wells Fargo and Chase putting a portion of the funds on hold."