According to the international law firm Scott+Scott’s
website, there’s a possibility that the non-fungible token (NFT) company
Yuga Labs may be threatened with a class action lawsuit for generally
promoting “the growth prospects and change for huge returns on
investment to unsuspecting investors.”
Law Firm Seeks Investors Who “Suffered Losses” From Yuga Labs Products
The law firm Scott+Scott
details that the NFT company Yuga Labs is accused of using “celebrity
promoters and endorsements to inflate the price of the company’s NFTs
and token.” However, at the time of writing, current court records show
no official class-action case against Yuga Labs has been filed.
Scott+Scott’s website says the firm is currently seeking investors
who “suffered losses in association with the purchase of Yuga Labs
tokens or NFTs between April 2022 and June 2022.” The token named in the
accusations against Yuga Labs is apecoin (APE), a crypto asset associated with the Bored Ape Yacht Club (BAYC) and Otherside metaverse project.
“After selling off millions of dollars of fraudulently promoted NFTs,
Yuga Labs launched the Ape Coin to further fleece investors,” the
Scott+Scott web page
says. “Once it was revealed that the touted growth was entirely
dependent on continued promotion (as opposed to actual utility or
underlying technology) retail investors were left with tokens that had
lost over 87% from the inflated price high on April 28, 2022.” The law
firm’s website adds:
As a result, Yuga Labs’ individual investors are now
joining together through a class action brought by law firm Scott+Scott,
to seek restitution for losses incurred from the purchase of Yuga Labs
tokens and NFTs. If you suffered losses in association with the purchase
of Yuga Labs tokens or NFTs between April 2022 and June 2022 you are
encouraged to reach out to Scott+Scott to learn more about your legal
rights.
Scott+Scott Is Involved in 6 Different Crypto Cases — Boutique Law Firms Flock to the Blockchain Industry
The law firm Scott+Scott covers a lot of different legal proceedings
and complex litigation in Europe and the United States. Scott+Scott is
involved in securities litigation that involves high-profile names like
Edison International, General Mills, Intuit, Roblox Corporation, Tesla,
Transunion, and Twitter.
Scott+Scott’s website notes that the legal firm is involved with a number of “crypto cases.” Other crypto legal matters involve crypto companies and projects like Celsius, Ethermax, Safemoon, Solana Labs, Terra, and the final crypto case listed is Yuga Labs.
Yuga Labs has not mentioned the accusations stemming from
Scott+Scott’s web portal and the last tweet the company made discussed a
threat to the NFT community. “Our security team has been tracking a
persistent threat group that targets the NFT community,” Yuga Labs tweeted
on July 18, 2022. “We believe that they may soon be launching a
coordinated attack targeting multiple communities via compromised social
media accounts. Please be vigilant and stay safe.”
During the last few years, boutique law firms focusing on complex legal matters that involve blockchain technology have been more prominent
in the crypto industry. Like Scott+Scott, a number of these law firms
are taking on a lot of litigation matters that involve cryptocurrencies
and alleged unregistered securities.
Roche Freedman LLP is another firm that has a variety of crypto cases under the law firm’s wing, and the partners Kyle Roche
and Devin “Velvel” Freedman are well known for the court case that
involved Craig Wright. Similar to Scott+Scott, Roche Freedman is also
involved in a case that’s been filed against the bankrupt crypto lender Celsius.
source link : https://news.bitcoin.com/yuga-labs-may-face-a-potential-class-action-lawsuit-over-apecoin-and-nft-sales/
