Bullet Points:
• Troubled cryptocurrency fintech Yuga Labs is about to face a class action lawsuit from Rosen Law Firm.
• The lawsuit is inviting purchasers of Yuga securities, such as BAYC NFTs and ApeCoin APE, to join the case by Feb. 7.
• The defendants include Yuga Labs co-founder Wylie Aronow, co-founder Greg Solano, Kerem Atalay, Nicole Muniz, and celebrities like Madonna and Adidas.
Troubled cryptocurrency fintech Yuga Labs is facing yet another lawsuit in relation to its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC), and other projects. Rosen Law Firm, a global law firm focused on investor rights‘ protection, has announced that it’s planning to file a class action lawsuit against Yuga Labs. This new case aims to help BAYC and APE buyers get compensation from Yuga Labs due to the firm allegedly misleading investors.
Rosen Law Firm is inviting purchasers of Yuga securities, such as BAYC NFTs and ApeCoin APE, to join the class action against Yuga by the lead plaintiff deadline set for Feb. 7. Investors and buyers who purchased BAYC and APE between April 23, 2021, and Dec. 8, 2022, may be entitled to compensation without payment of any additional costs through a contingency fee arrangement.
The class action lawsuit targets a large number of defendants, including Yuga Labs co-founder Wylie Aronow, who took a leave from the office on Jan. 28, citing health problems. The case will also be against co-founder Greg Solano, billionaire BAYC founder Kerem Atalay, Yuga Labs CEO Nicole Muniz, as well as some world-known celebrities, including Madonna and firms such as Adidas and MoonPay.
Yuga Labs has been under fire in recent months for its alleged deceptive practices in relation to its NFT collection, BAYC, and other projects. The company has been the center of several lawsuits, including a class-action lawsuit filed in October 2020. The new case is another attempt to hold Yuga Labs accountable for the losses incurred by NFT investors who purchased BAYC and APE over the past few years.
By October 2022, the average transaction value of BAYC NFTs had plummeted below $85, indicating substantial losses for investors. Rosen Law Firm is now inviting investors to join the class action lawsuit against Yuga Labs and get compensation for their losses. The lawsuit is expected to be filed soon, and the deadline for the lead plaintiff is Feb. 7.
The class action lawsuit is yet another attempt by investors to hold Yuga Labs accountable for the losses caused by its allegedly deceptive practices. Investors have less than a week to join the class action lawsuit and seek compensation for their losses.