Sotheby's and Paris Hilton , Among Those Sued by Investors , As NFT Prices Collapse.
CNN reports that a group of investors has filed a lawsuit
against Sotheby's Holdings Inc.
And others over a 2021 auction
of Bored Ape Yacht Club non-fungible tokens (NFTs).
CNN reports that a group of investors has filed a lawsuit
against Sotheby's Holdings Inc.
And others over a 2021 auction
of Bored Ape Yacht Club non-fungible tokens (NFTs).
The news follows a collapse in value for
the celebrity-promoted collectibles.
.
Four plaintiffs are reportedly named in the
class action lawsuit, which alleges that the auction house's
endorsement of the NFTs was purposefully misleading.
.
Four plaintiffs are reportedly named in the
class action lawsuit, which alleges that the auction house's
endorsement of the NFTs was purposefully misleading.
.
The lawsuit also accuses Sotheby's of colluding
with the NFTs' creator, Yuga Labs, in order
to artificially inflate the collectible's value.
CNN reports that Sotheby's is just one
of 30 defendants named in the filing.
.
Justin Bieber and Paris Hilton are among celebrities
accused of promoting the NFT collection without
also disclosing their financial links to the company.
.
Justin Bieber and Paris Hilton are among celebrities
accused of promoting the NFT collection without
also disclosing their financial links to the company.
.
In May of 2022, the collectibles
were selling for at least $400,000.
According to CoinGecko, a cryptocurrency
market tracker, the NFT can now be
purchased for as little as $52,445.
.
Sotheby’s representations that the
undisclosed buyer was a ‘traditional’
collector had misleadingly created
the impression that the market for
(Bored Ape Yacht Club) NFTs had
crossed over to a mainstream audience, Plaintiff's legal filing, via CNN.
Earlier this year, eight other celebrities were charged by
the Securities and Exchange Commission (SEC) for not
revealing that they were compensated to promote cryptocurrencies.
Earlier this year, eight other celebrities were charged by
the Securities and Exchange Commission (SEC) for not
revealing that they were compensated to promote cryptocurrencies
Paris Hilton and Nicole Richie are getting ready to be reality TV stars all over again -- 'cause the 2000s darlings are teaming up anew to run it back ... but.. TMZ.com
Elon Musk , Loses Appeal of , 'Twitter Sitter' Provision .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
NBC reports that the SEC requirement
would require a lawyer to review
the Tesla CEO's social media posts. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC deemed the tweets
"materially false and misleading,"
and in clear violation of securities laws.
At the time, Musk agreed to settle the issue
with the SEC, which included his signing off
on the so-called "Twitter sitter" provision.
NBC reports that Musk has since said
the restrictions are unconstitutional and that
he was coerced into signing the SEC agreement.
According to court papers, lawyers
representing Musk have accused the SEC
of waging an "ongoing campaign" against Musk.
Musk's legal team claim the provision , "restricts Mr. Musk’s speech even
when truthful and accurate.".
It extends to speech not
covered by the securities laws
and with no relation to the conduct
underlying the SEC’s civil action, Elon Musk legal team, via NBC.
In response, the SEC said in court papers
that Musk waived his right to appeal
when he signed off on the settlement.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trump’s Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The ‘crypto’ nomenclature may be
of recent vintage, but the challenged
transactions fall comfortably within the
framework that courts have used to identify
securities for nearly eighty years, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and today’s decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving we’re right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Court’s
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
SEC's New , Climate Disclosure Rules , Facing Multiple Lawsuits.
'Newsweek' reports that both industry and
environmental groups have legally challenged the
Securities and Exchange Commission over new rules. .
The new rules require some businesses to disclose
information about climate risks, including direct
greenhouse gas emissions and risks from extreme weather.
The SEC rules, which were approved on March 6 by a 3-2 vote,
also require companies to provide investors with context
on how those companies plan on managing those risks.
Some requirements were pared back prior to the rules
being approved. Those rules include reporting on Scope 3
emissions which relate to the company's supply chain.
In response to the new rules, two fossil fuel producing
companies filed lawsuits accusing the SEC of burdening
companies and exposing them to potential litigation.
19 state attorney generals have also
filed lawsuits claiming that the new rules
exceed the SEC's legal authority.
On the other side, environmental groups the Sierra Club
Foundation and Earthjustice announced their own lawsuits
accusing the SEC of watering down rules to protect investors.
Sierra Club has millions of members
and supporters who have investments
in the market. It's really critical that
we have access to information about
climate risks that may be faced
by the kinds of entities that
we would hope to invest in, Andres Restrepo, Sierra Club Senior Attorney, via Newsweek.
'Newsweek' reports that the SEC rules were
meant to take effect in 2026, however, the
legal challenges are likely to result in delays.
The new rules come as the U.S. Supreme Court
has indicated plans to restrict the regulatory
authority of environmental enforcement agencies.
Credit: Wibbitz Top Stories Duration: 01:31Published
A Bieber baby is on the way! Justin and Hailey Bieber are expecting their first child together. The pop superstar and model-turned-beauty mogul shared the news on Instagram with a sweet video and a series of photos capturing Hailey's baby bump. It appears the pair celebrated the news by renewing their vows, as the video footage they shared features them standing with a pastor.
Credit: The Hollywood Reporter Duration: 01:00Published
12:35 PM PT -- Sources with direct knowledge tell TMZ ... Hailey Bieber's a little over six months pregnant, so sounds like she's entering the third trimester.. TMZ.com
Justin Bieber found comfort in his wife Hailey Bieber as they went on a romantic vacay in Hawaii this week ... mere days after concerning his fans with pics that.. TMZ.com
Happy Birthday,
Tan France!.
Tanweer Wasim Safdar
turns 41 years old today.
Here are five fun facts about
the fashion designer.
1. France was inspired
to pursue fashion by
his grandparents’
clothing factory.
2. He worked at Zara after college.
3. The designer founded his own clothing line
in 2011, Kingdom & State.
4. He loves Justin Bieber’s style.
5. He has his
own memoir,
‘Naturally Tan.’.
Happy Birthday,
Tan France!
Credit: Wibbitz Top Stories Duration: 00:51Published
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