Rosen Law Firm, a global law firm focused on investor rights’ protection, continues its efforts to become the lead firm for the class-action lawsuit against the cryptocurrency fintech Yuga Labs.
On Jan. 30, Rosen reiterated that investors that purchased non-fungible tokens (NFT) from Yuga Labs’ Bored Ape Yacht Club (BAYC) collection as well as the native token ApeCoin (APE) can join the securities class-action suit against the firm.
Filed in December, Rosen’s lawsuit accuses BAYC creators of violating the United States securities laws by misleading investors about financial benefits for Yuga securities investors, as well as using celebrity promoters to lure in more investors. The law firm stressed that Yuga securities investors can join the action against Yuga by the lead plaintiff deadline set for Feb. 7.
Rosen emphasized that Yuga securities’ investors that bought 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 action by Rosen is apparently an effort to take control of an already existing similar case against Yuga. Previously, law firm Scott+Scott filed a similar class-action lawsuit against Yuga Labs in July 2022. The lawyers argued that Yuga “inappropriately induced” the community to buy BAYC NFTs and ApeCoin.
Similarly to the case brought by Scott+Scott, Rosen’s filing 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 like Adidas and Moonpay.
Yuga Labs also faced a similar lawsuit from American plaintiffs Adonis Real and Adam Titcher in December 2022. Similarly to Rosen’s class action, the complaint listed more than 40 people and companies as defendants, including Madonna, Justin Bieber, Paris…
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