Adonis Real Et Al V. Yuga Labs, Inc. Et Al
The Bored Ape Yacht Club, a flagship NFT collection by Yuga Labs, Inc., is at the center of a class action lawsuit filed in the United States District Court, California Central. The plaintiffs, Adonis Real and Adam Titcher, allege that Yuga Labs and associated individuals and entities engaged in a scheme to promote and sell digital assets, including non-fungible tokens (NFTs) and ApeCoin tokens, through misleading celebrity endorsements. The lawsuit claims that Yuga Labs marketed the NFT collection as an exclusive investment opportunity for members, but that this exclusivity was based on false and misleading statements. The plaintiffs seek damages on behalf of all investors who purchased Yuga's securities between April 23, 2021, and the present. The complaint alleges that the defendants used celebrity endorsements and a covert payment scheme to artificially inflate the prices of the NFTs, generating billions of dollars in sales and re-sales. The plaintiffs claim to have suffered investment losses as a result of the defendants' conduct and seek class action status and damages for violations of federal securities laws.
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