According to the Complaint, Lido DAO is a general partnership running an “Ethereum staking” business. Staking is a process through which people earn money in exchange for putting their crypto assets at risk using a protocol that verifies transactions on the Ethereum blockchain.

The Complaint alleges that Lido DAO offered and sold LDO digital tokens that are an unregistered security and seeks rescission and damages on behalf of a class of persons who purchased LDO tokens.

On March 28, 2024, the Court granted approval of Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 3. Defendants filed Motions to Dismiss the amended Complaint on May 2.

On November 18, 2024, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.