This Complaint was filed on behalf of purchasers of NBA Top Shot Moments. The Complaint alleges that NBA Top Shot Moments are a type of digital asset known as a non-fungible token (“NFT”). In this case, the NFTs depict video clips of highlights from NBA basketball games.

The Complaint alleges that the Defendants: (1) reaped hundreds of millions of dollars in profits by selling unregistered securities to investors; (2) ensured that money stayed on the platform, propping up the market for Moments as well as the overall valuation of NBA Top Shot, by preventing investors from withdrawing their funds for months on end; and (3) as a result of Defendants’ issuance, promotion, and sale of unregistered securities, investors have suffered significant damages.

On October 8, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 27. Defendants filed a Motion to Dismiss the amended Complaint on August 30, 2022.

On February 22, 2023, the Court issued an Order denying Defendants' Motion to Dismiss the amended Complaint.

On June 3, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on June 4.