- Lieff Cabraser Heimann advised Yuga Labs investors to meet their attorneys.
- Federal securities law has been violated.
- Many sponsored celebrities have also been involved in this.
Lieff Cabraser Heimann & Bernstein, LLP advise Yuga Labs, Inc. investors who lost money when they bought Bored Ape Yacht Club NFTs, ApeCoin, and digital property in the virtual world between April 23, 2021, and December 8, 2022, to consult their lawyers immediately about a pending securities fraud class action against Yuga.
With over 120 professionals in offices in San Francisco, New York, Nashville, and Munich, Germany, Lieff Cabraser Heimann & Bernstein LLP is a widely recognized legal company dedicated to protecting shareholder interests and encouraging corporate social responsibility.
Lieff Cabraser, recognized by Law360 as a Plaintiffs’ Powerhouse, has taken on some of the most important civil lawsuits in American history and helped clients win more than $127 billion in verdicts and settlements.
NFTs, ApeCoin, and virtual land in the metaverse are all available via the Tysons, Virginia-based corporation Yuga, which is incorporated in Delaware. One of its NFT enterprises, the Bored Ape Yacht Club, was vigorously promoted by paid celebrity endorsers such as Jimmy Fallon, Snoop Dogg, and Madonna.
The lawsuit claims that Yuga made fraudulent and misleading statements regarding how it rewarded these celebrity endorsers for publicizing Yuga securities, particularly Bored Ape Yacht Club NFTs. According to the lawsuit, these endorsements unjustly boosted the price of Yuga securities by fraudulently presenting their popularity as organic rather than artificially produced.
The securities court case alleges that Yuga violated a slew of laws which are:
(1) Federal securities laws
(2) California’s Unfair Competition Law (Cal. Bus. & Prof. Code 17200; and
(2) Consumer Legal Remedies Act for California.