Consumer Rights Litigation Firm Scott + Scott Investigates Yuga Labs

Consumer Rights Litigation Firm Scott + Scott Investigates Yuga Labs

Yuga Labs is now under investigation by the American consumer rights organization, Scott + Scott. 

This comes not too long after the SEC launched a probe into the Bored Ape Yacht Club creators in early October. With the Ryder Ripps and Pauly case still running too, it seems Yuga will have more court cases than they do merch drops per year. 

The firm is mainly checking whether Yuga has violated any federal securities laws. Plus it will also give Yuga’s officers, directors, promoters, and corporate insiders a shake-down to see if any of them might be involved.

According to a copy of the filing shared by Bloomberg, Scott + Scott is investigating whether Yuga Labs “or certain of its officers, directors, promoters, and corporate insiders violated federal securities laws.

“If you purchased Yuga securities (e.g., Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Kennel Club non-fungible tokens, ApeCoin tokens, or virtual land) and have suffered losses to your Yuga investments, you are encouraged to contact Scott+Scott attorney Sean Masson,” the announcement reads. 

So, have you suffered losses from any Yuga Labs assets? Realized or unrealized? You might be entitled to….a chat with attorney Sean Masson. No, this is not one of those terrible insurance adverts. 

Be that as it may, the constant legal bombardment doesn’t seem to be doing Yuga much harm. While the Bored Ape Yacht Club floor price dipped to 50 ETH just 2 weeks ago, it seems to have made the recovery of the century, sitting at 69 ETH right now. 

As reported, the US Securities and Exchange Commission (SEC) launched a probe into Yuga Labs in early October on whether sales of its digital assets violate federal law. 

The issue is reportedly whether some of Yuga’s non-fungible tokens are closer to stock and therefore should follow the same disclosure rules. The key legal question at the center of the investigation is whether NFTs are securities, a question the SEC has reportedly been investigating since March. 

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