New York – (business wire)–Scott+Scott Law Firm LLP (“Scott+Scott”) today announced that it has filed a class action lawsuit against Defendants Yuga Labs, Inc. (“Yuga” or “we”), Wylie Aronow and Greg Solano. , Kerem Atalay, Zeshan Ali, Nicole Muniz, Jasmin Shoemaker, Patrick Ehrlund, Christopher Lyons (“Executive Defendants”), Alexis Ohanian, Amy Wu, Maaria Bajwa, Dean Steinbeck (“Ape DAO Board Defendants”), Guy Oseary, Mike Winkelman, Madonna Louise Ciccone, Paris Hilton, James Fallon, Electric Hot Dog, Universal Television, LLC, Justin Bieber, Gwyneth Paltrow, Serena Williams, Thomas Pentz, Austin Richard Post, Calvin Broadus Jr., Kevin Hart, Alexander Pall, Andrew Taggart, Wardell Stephen Curry II, Nayvadius Wilburn Cash, Abel Tesfaye, Khaled Mohammed Khaled, adidas America Inc., adidas Ventures BV (“Promoter Defendants”), Ivan Soto-Wright, and MoonPay USA LLC.
The lawsuit was filed in the United States District Court for the Central District of California and was captioned: Real et al. Al.against yuga Lab. Inc. et al., Case No. 2:22-cv-08909, assert claims under §§ 5, 12(a)(1), 15, and 20(a) of the Securities Act of 1933 (the “Securities Act”) and Sections 10(b) and 20A of the U.S. Securities Act; The Securities Exchange Act of 1934 (the “Securities Exchange Act”) and other consumer protection laws of the state of California regulate investments made by purchasing or acquiring Yuga securities sold as various non-fungible tokens (or “NFTs”). Any person who has been harmed by using the native token Ape Coin on behalf of the household and on various cryptocurrency exchanges from April 23, 2021 to December 8, 2022 (the “Class Period”); .
Yuga is a cryptocurrency company that offers investors an array of digital assets, including a collection of various NFTs and the company’s native token, ApeCoin. Yuga’s brand and flagship NFT collection is called Bored Ape Yacht Club (“BAYC”).
The complaint alleges that the defendants made false and misleading statements regarding Yuga’s growth prospects, financial ownership, and the financial interests of Yuga securities investors, used well-known promoters to lure unsuspecting of insiders violated the provisions of the Trade Law by allowing them to sell. Unregistered Yuga securities in violation of securities laws.
On November 13, 2022, the ApeCoin token price hit a low of $2.70 per token, down nearly 90% from its class high, but failed to recover.
On November 14, 2022, the lowest prices in our collection of NFTs, including BAYC, Mutant Ape Yacht Club and Otherdeed virtual lands, dropped to similar class period lows.
Main Plaintiff Deadline
The deadline for the lead plaintiff in this action is February 7, 2023.A member of the proposed class may seek to act as lead plaintiff through an attorney of their choice, or choose to do nothing and remain a member of the proposed class.
what you can do
If you would like to discuss this action or have any questions regarding this notice or your rights or interests, Contact Plaintiffs’ Counsel, Sean Masson of Scott+Scott at (212) 519-0522 or email smasson@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has extensive experience prosecuting major securities, antitrust and consumer rights lawsuits throughout the United States and is active in several cryptocurrency litigation. The firm has offices in New York, London, Amsterdam, Connecticut, California, Ohio and Virginia and represents pension funds, foundations, individuals and other organizations around the world.
