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Case Page

 

SafeMoon LLC : Cryptocurrency

Case Summary

SafeMoon LLC : Cryptocurrency Securities Litigation

Case Summary

Case Status:    ONGOING  
—On or around 10/25/2024 (Date of last review)
Current/Last Presiding Judge:  
Hon. David Barlow

Filing Date: March 07, 2022

According to the Complaint, the SAFEMOON Token is a speculative digital token created in March 2021 by a group of cryptocurrency developers and investors, including, but not limited to, the Executive Defendants. The SAFEMOON Tokens in are blockchain-based digital assets known as “BEP-20 tokens” that are created using the Binance Smart Chain mainnet blockchain. After a BEP-20 token is created, it can be traded, spent, or otherwise transacted with.

Plaintiff brings this action on behalf of all investors who purchased SafeMoon tokens between March 8, 2021 and the time of filing this Complaint, and were damaged thereby. The Complaint alleges that SafeMoon LLC’s executives, collaborating with several celebrity promotors, (a) made false or misleading statements to investors about SafeMoon through social media advertisements and other promotional activities, and (b) disguised their control over SafeMoon and a significant percent of the SAFEMOON Tokens that were available for public trading during the Class Period.

On June 7, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-01108.

Lead Plaintiff filed a consolidated Complaint on June 29, 2022. Plaintiffs voluntarily dismissed one of the individual Defendants on September 9.

On October 4, 2022, this case was transferred to the District of Utah. The case continues under Docket 22-CV-00642.

On October 31, 2022, Lead Plaintiff filed a corrected consolidated Complaint. Lead Plaintiff filed an amended Complaint on March 17, 2023. On June 12, Lead Plaintiffs voluntarily dismissed one of the individual Defendants.

Defendants filed Motions to Dismiss the amended Complaint on May 16, 2023. On March 29, 2024, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.

This case was administratively stayed against the Issuer Defendant on January 10, 2024, due to bankruptcy proceedings. On October 16, the case against two of the individual Defendants was stayed pending the outcome of parallel criminal proceedings.

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