Yuga Labs, developer of the Bored Ape Yacht Club NFT collection, could face a lawsuit.
Yuga Labs could face a class action lawsuit. A group of investors claimed that the firm improperly promoted its tokens and tricked people into buying them.
Yuga Labs is among the crypto firms facing problems amid the bear market. Investors claimed that some products, such as Apecoin, were misleadingly promoted by celebrities and prices were inflated by this method.
As a result, investors suffered huge losses when the value of the token fell. Some have even approached US-based law firm Scott+Scott, which is trying to initiate legal action against Yuga Labs.
Lawyers also suggested that the company did the same for ApeCoin after it fraudulently promoted NFTs.
Scott+Scott recommended that investors who suffer from Yuga Labs’ products contact them.
Bored Ape investors include Eminem, Snoop Dogg, Serena Williams, Neymar and Justin Bieber.
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