TerraForm Labs Ptd Ltd. : Terra Tokens Securities Litigation
On or around 06/27/2022 (Date of last review)
Filing Date: June 17, 2022
According to the Complaint, TerraForm Labs Ptd Ltd. is a company that operates the Terra blockchain and its related protocol, which hosts, supports, and funds a community of decentralized financial applications and products known collectively as the Terra ecosystem.
The Complaint alleges that, even though the Terra Tokens bear all the hallmarks of being investment contracts and, thus, securities under the Howey test, no registration statements have been filed with the SEC with respect to the various Terra Tokens. The Complaint further alleges that, in addition to selling unregistered securities with the Terra Tokens, Defendants made a series of false and misleading statements regarding the largest Terra ecosystem digital assets by market cap, UST and LUNA, in order to induce investors into purchasing these digital assets at inflated rates. In addition to the federal securities and other states' claims, the Complaint also alleges that Defendants conducted and participated in the conduct of the affairs of the Terra Token Enterprise through a pattern of racketeering activity, including acts relating to mail fraud and wire fraud.
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