LOS ANGELES, July 17 — The lights are still on late at the offices of Glancy Prongay & Wolke LLP, a law firm that has become something of a fixture in the high-stakes world of shareholder litigation. On July 16, the firm issued a press release that has caught the attention of investors: BitGo Holdings shareholders who suffered losses may now have the chance to step forward and lead a securities fraud lawsuit. The firm, based here in Los Angeles, specializes in what is known as shareholder rights litigation.
Its bread and butter is securities fraud class actions, cases that typically allege that a publicly traded company misled investors about its financial health or business prospects. Founded by Lionel Z.
Glancy, the firm has built a reputation on taking on some of the biggest names in corporate America.
A $50 Million Precedent
Just last year, in 2025, the firm secured a $50 million settlement in a securities class action against a technology company. That settlement stands as a marker of the firm’s ability to extract significant compensation for shareholders who claim they were deceived. The press release concerning BitGo Holdings did not specify the exact allegations against the company.
It did not lay out the class period — the window of time during which investors allegedly bought stock at artificially inflated prices. Nor did it set a deadline for lead plaintiff motions.
What it did do was put the word out: shareholders who have suffered losses may have the opportunity to take the reins of the litigation.
Two Statutes in Play
The firm’s practice areas cover violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. These are the twin pillars of federal securities law. The 1934 act governs the trading of securities after they have been issued, targeting fraud in the secondary market.
The 1933 act, older by a year, focuses on the initial offering of securities, requiring companies to provide full and fair disclosure to investors. The firm’s press release did not indicate whether the alleged fraud touches on the 1934 act, the 1933 act, or both.
Who Gets to Lead
In securities class actions, the lead plaintiff — often the investor with the largest financial stake in the case — plays an outsized role. They select the legal team, guide the litigation strategy, and negotiate any settlement. Glancy Prongay & Wolke typically represents institutional investors and individual shareholders in such cases, giving them a direct line to the courtroom.
By nightfall on July 16, the press release had made its way through investor circles. The question now is which shareholders will step forward, and what specific allegations they will bring.
For now, the firm has put the ball in the investors’ court.
