Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) collection, is on the receiving end of a class action lawsuit on account of allegedly misleading statements provided about its growth prospects. With the crypto crash, the value of BAYC NFTs and ApeCoin tokens have dropped significantly. Other named defendants include celebrities Justin Bieber, Paris Hilton, Madonna, Serena Williams, and Jimmy Fallon and as well as promoter Guy Oseary and adidas, which had a marketing relationship with BAYC.
“In our view, these claims are opportunistic and parasitic,” said a Yuga Labs spokesperson. “We strongly believe that they are without merit, and look forward to proving as much.”
Clamping down on potential securities violations, the U.S Securities and Exchange Commission (SEC) has reportedly been investigating Yuga Labs, amongst other companies.
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