Law firm Scott+Scott is planning a class-action suit against Yuga Labs claiming Yuga promised enormous returns on investment to “unsuspecting investors.” Legal firm says that investors were “improperly encouraged” to buy the company’s NFTs (non-fungible tokens) and ApeCoin (the company’s native currency).
“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’s website states 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.
This news is published and verified by the NFT News media team.
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