The investors claimed that they suffered at least $69 million in losses between December 2024 and February 2025 after the parties presented “trusted leaders in the Solana ecosystem” as being behind the token launch, rather than a “blatant fraud” in which sales were manipulated to artificially inflate the price.“This artificially-inflated valuation communicated highly misleading information to non-insider investors, who reasonably relied on Defendants’ representations that the $M3M3 launch was fully accessible to the public and conducted in a transparent manner fair to non-insider investors, and thus reasonably relied on $M3M3 market price as a meaningful measure of its value,” the complaint reads.“The post-launch price spike also served to corroborate Defendants’ aggressively-marketed, but misleading, assertions that $M3M3 had intrinsic value and a comparatively low risk profile.”Class-action lawsuit against Meteora, Kelsier Labs, and current and former executives.
The investors added:“Together, Defendants designed the $M3M3 Token and planned its launch on Meteora in a manner intended to illicitly enrich themselves at the expense of the unsuspecting investing public.”Related: Meteora says co-founder’s X account hacked after ‘parasitic’ memecoin postMemecoins in the Solana ecosystemMeteora has been tied to the launch of several high-profile yet controversial tokens, including those for Trump (TRUMP), his wife Melania (MELANIA), Libra (LIBRA), and online influencer Haliey Welch (HAWK).
In an amended complaint filed on April 21 in the US District Court for the Southern District of New York, the plaintiffs allege that venture capital firm Kelsier Labs, Meteora, and four current or former executives “intentionally misrepresented” information in the M3M3 launch in December 2024.
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Author / Journalist: Cointelegraph by Turner Wright
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