• Rosen Law Firm is filing a class action lawsuit against Yuga Labs over allegations of misleading investors.
• Investors who bought BAYC and APE between April 23, 2021, and Dec. 8, 2022, may be eligible for compensation without payment of additional costs.
• The case will target Wylie Aronow, Greg Solano, Kerem Atalay, Nicole Muniz as well as celebrities including Madonna and firms such as Adidas and MoonPay.
Class Action Lawsuit Filed Against Yuga Labs
Rosen Law Firm has announced that it is filing a class action lawsuit against cryptocurrency fintech company Yuga Labs due to the firm allegedly misleading investors with its nonfungible tokens (NFT) collection called Bored Ape Yacht Club (BAYC) and its native token ApeCoin (APE). Purchasers of Yuga securities are invited to join the class action by the lead plaintiff deadline set for February 7th.
Who Is Involved?
The new case targets a number of defendants including Yuga Labs co-founder Wylie Aronow, co-founder Greg Solano, billionaire BAYC founder Kerem Atalay, CEO Nicole Muniz as well as some world-known celebrities such as Madonna and firms like Adidas and MoonPay.
Compensation For Investors
Investors who bought BAYC and APE between April 23rd 2021 – December 8th 2022 may be entitled to compensation without payment of additional costs through a contingency fee arrangement. This means that investors have less than one week to join the class action in order to get compensation from Yuga Labs.
Plummeting Prices of NFTs
The average transaction value of BAYC NFTs had plummeted below $85 000 after reaching $312 000 in April 2022 while the floor price tumbled from around 144 Ether ($226 000) to 64 Ether ($100 000). As such this lawsuit is yet another attempt at holding Yuga Labs accountable for massive losses by investors who bought their NTFs over the past few years.
In conclusion Rosen Law Firm is inviting all purchasers of Yuga securities — including BAYC NFTs and ApeCoin — to join their class action before February 7th in order to get compensation from Yuga Labs due to them allegedly misleading investors