According to the Complaint, Baton Corporation Ltd. owns and operates Pump.Fun and the Pump.Fun website. The PNUT Token is a Solana-based memecoin created and distributed by Baton Corporation/Pump.Fun. PNUT Token was first issued, marketed and sold by Baton Corporation/Pump.Fun on October 31, 2024. Through coordinated marketing efforts and speculative trading promotion, the token rapidly achieved a market capitalization of $1 billion, becoming what was claimed to be the fastest animal-themed memecoin to reach this milestone. This rapid value appreciation was driven by the Defendants’ sophisticated marketing campaign combining promises of exponential returns, luxury lifestyle imagery, and coordinated social media promotion.

The Complaint alleges that during the Class Period, Defendants promoted, offered, and sold PNUT tokens on the Pump.Fun website, in violation of federal securities laws.

On June 18, 2025, the Court issued a notice regarding the appointment of Lead Counsel. Specifically, the Court addressed two unopposed motions for Lead Counsel status - one in the current case and one in a related action. The Court expressed reservations about the possibility of duplicative litigation and directed the parties to apprise the Court of the reasons for the existence of two lawsuits and whether they should be consolidated into a single action.

On June 25, 2025, 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 25-CV-00880.

Lead Plaintiff filed a Consolidated Amended Complaint on July 23, 2025.