- Terraforms Lab is being slapped with a class action lawsuit, again.
- The infamous platform is being accused of misleading investors and getting them to buy tokens at artificially inflated prices.
- The law firm handling the case invites more complains and concerns regarding Terra.
Terraforms Lab is once again in the news, this time for being slapped with a class action lawsuit in the United States District Court for the Northern District of California. The global investor rights firm Bragar Eagel & Squire, P.C. announced the filing of this lawsuit on behalf of Terra token holders.
The names mentioned in the lawsuit are: Jump Crypto, Jump Trading LLC, Republic Capital, Republic Maximal LLC, Tribe Capital, DFinance Capital, DFinance Technologies, GSR/GSR Markets Limited, Three Arrows Capital Ptd. Ltd., Do Kwon, and Nicholas Platias.
In detail, this new case that Terra will have to fight in court has been filed on behalf of the people and organizations that bought Terra’s ill-fated token, LUNA. Interestingly, the lawsuit mentions a whole list of other coins as well.
Within the filed lawsuit, Terra is accused of misleading investors and getting them to buy more tokens at artificially inflated prices. Also, they allege that Terraform labs and other defendants violated provisions of the Securities Act by not registering Terra’s token. Additionally, Terra is accused of violating the Racketeer Influenced and Corrupt Organizations Act (RICO).
Encouraging more investors to contact the firm, Bragar Eagel & Squire P.C., says:
If you purchased or otherwise acquired Terra Tokens and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the form below. There is no cost or obligation to you.
This is the second lawsuit filed in the US against Terra. Earlier last month, a lawsuit was filed alleging Terraform Labs, and founder Do Kwon of violating federal securities laws with the sale and promotion of UST and LUNA.