Burwick Law and Wolf Popper LLP file a federal cla
Burwick Law and Wolf Popper LLP file a federal class action against the creators of Solana-based meme coin launchpad Pump.fun.
The law firms filed the class action in the United States District Court for the Southern District of New York (SDNY) on behalf of crypto investors impacted by Pump.fun activities.
Pump.fun Accused of Displaying Offensive Content In the complaint filed yesterday, the lead plaintiff, Kendall Carnahan, accused the creators of Pump.fun of exploiting users. Violation of Securities Laws Additionally, the class action alleged that Pump.fun creators violated federal securities laws by offering and selling unregistered securities offerings. In particular, the complaint labeled Peanut the Squirrel (PNUT) as a security offered and sold on Pump.fun.
Based on the PNUT’s securities tag, the complaint alleged that the token issuers failed to register it with the SEC.
Furthermore, it accused Pump.fun creators of using tactics similar to Ponzi to generate over $500 million in fees from users. The plaintiff contended that Pump.fun leveraged internet culture to promote the adoption of volatile and unregistered securities tokens.
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