SAN DIEGO, Jan. 31, 2023 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that it has filed a class-action lawsuit of persons and entities who purchased or otherwise acquired Block securities during the period November 4, 2021 and April 4, 2022, including all former shareholders of Afterpay securities who acquired unregistered Block, Inc. Class A common stock (and/or corresponding SQ CHESS Depository Interests (“CDI”)) (“Block Shares” or “Square Securities”) in direct exchange for Afterpay shares pursuant to Block’s January 31, 2022 acquisition and stock-for-stock merger with Afterpay (the “Merger” or “Acquisition”). The action was filed in the United States District Court for the Northern District of California and is captioned Hart v. Block, Inc., et al., Case 3:23-cv-00455.

What actions may I take at this time? If you purchased Block securities and suffered significant losses on your investment, contact Johnson Fistel, LLP to submit your losses:

Lead plaintiff motions for the Block, Inc. class-action lawsuit must be filed with the court no later than 60 days from this notice.

CASE ALLEGATIONS: The complaint alleges, among other things, that defendants made certain material misrepresentations and omissions concerning the Merger. Additionally, the complaint alleges that throughout the Class Period, the defendants: (i) deceived the investing public, including Plaintiff and other Class members, as alleged herein; (ii) artificially inflated and maintained the market price of Block securities; and (iii) caused Plaintiff and other members of the Class to purchase or otherwise acquire Block securities at artificially inflated prices. The complaint asserts non-fraud, strict liability claims under §§12(a)(1), 12(a)(2), and 15 of the Securities Act of 1933 against Block and certain current and former Block and Afterpay officers and directors, as well as scheme liability claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or otherwise acquired Block, Inc. securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471 
jimb@johnsonfistel.com

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The post Johnson Fistel, LLP Announces That It Has Filed a Class Action Lawsuit on Behalf of Block, Inc. Investors – Alleging Violations of the Federal Securities Laws appeared first on Attorney Legal Counsel.

New York, New York–(Newsfile Corp. – January 31, 2023) – Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against Defendants Yuga Labs, Inc. (“Yuga” or the “Company”), Wylie Aronow, Greg Solano, Kerem Atalay, Zeshan Ali, Nicole Muniz, Jasmin Shoemaker, Patrick Ehrlund, Christopher Lyons (the “Executive Defendants”), Alexis Ohanian, Amy Wu, Maaria Bajwa, Dean Steinbeck (the “Ape DAO Board Defendants”), Guy Oseary, Mike Winkelmann, Madonna Louise Ciccone, Paris Hilton, James Fallon, Electric Hot Dog, Inc., Universal Television, LLC, Justin Bieber, Gwyneth Paltrow, Serena Williams, Thomas Pentz, Austin Richard Post, Calvin Broadus, Jr., Kevin Hart, Alexander Pall, Andrew Taggart, Wardell Stephen Curry II, Nayvadius Wilburn Cash, Abel Tesfaye, Khaled Mohammed Khaled, adidas America Inc., adidas Ventures B.V. (the “Promoter Defendants”), Ivan Soto-Wright, and MoonPay USA LLC.

The action, which was filed in the U.S. District Court for the Central District of California and captioned Real et. al. v. Yuga Labs. Inc. et al., Case No. 2:22-cv-08909, asserts claims under §§5, 12(a)(1),15, and 20(a) of the Securities Act of 1933 (the “Securities Act”), as well as under §§10(b) and 20A of the Securities Exchange Act of 1934 (the “Exchange Act”), and other California state consumer protection laws, on behalf of investors who purchased or otherwise acquired the Yuga securities, which were sold as various non-fungible tokens (or “NFTs”) and the native token Ape Coin on various cryptocurrency exchanges from April 23, 2021 through December 8, 2022, inclusive (the “Class Period”), and who were damaged thereby.

Yuga is a cryptocurrency-related company that offers investors a suite of digital assets, including various collections of NFTs and the Company’s native token ApeCoin). Yuga’s brand and flagship NFT collection is referred to as the Bored Ape Yacht Club (“BAYC”).

The complaint alleges that Defendants violated provisions of the Exchange Act by making false and misleading statements concerning Yuga’s growth prospects, financial ownership, and financial benefits for Yuga securities investors, as well as using celebrity promotors to lure in unsuspecting investors so that Yuga insiders could sell the unregistered Yuga securities in violation of the Securities Act.

On November 13, 2022, the price of the ApeCoin Token hit a low of $2.70 per token, an approximately 90% drop from its height during the Class Period, which it has not been able to recover.

On November 14, 2022 the floor price of the Company’s NFT collections including the BAYC, Mutant Ape Yacht Club, and Otherdeed virtual land fell to similar Class Period lows.

Lead Plaintiff Deadline

The Lead Plaintiff deadline in this action is February 7, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

What You Can Do

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Plaintiff’s counsel, Sean Masson of Scott+Scott, at (212) 519-0522, or via email at smasson@scott-scott.com.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States, and is actively litigating several cryptocurrency cases. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.

CONTACT:
Sean Masson
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(212) 519-0522
smasson@scott-scott.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152989

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The post 7 DAYS UNTIL DEADLINE: Scott+Scott Attorneys at Law LLP Files Securities Class Action Against Yuga Labs, Inc. (YUGA), its Executive Officers, and Celebrity Promoters appeared first on Attorney Legal Counsel.