Law firm Scott+Scott accuses Yuga Labs of using “celebrity promoters and support for price gouging on the company’s NFTs and tokens.”
The Scott+Scott website states that the firm is currently looking for investors who “experienced losses in connection with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022.”
Yuga Labs may face class action lawsuit over Apecoin and NFT sales
The law firm boldly claimed that Yuga Labs was engaged in fraud, selling NFTs and tokens for millions of dollars. According to the company’s website:
“Once it was revealed that the claimed growth was entirely dependent on continuous promotion (as opposed to real utility or underlying technology), retail investors were left with tokens that lost over 87% from their inflated price on April 28, 2022.”
The report also said that investors have already united and are ready to file a lawsuit against Yuga Labs. They seek to recover losses within a specified period of time.
Scott+Scott is currently involved in securities lawsuits involving big names such as Edison International, General Mills, Intuit, Roblox Corporation, Tesla, Transunion and Twitter.
In addition, the law firm specializes in handling “cryptocurrency cases,” according to information on the website.
Representatives of Yuga Labs commented on this situation without mentioning Scott + Scott:
“Our security team is monitoring a group of persistent threats targeting the NFT community. We believe that they may soon launch a concerted attack on several communities through hacked social media accounts. Please be vigilant and stay safe.”
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