NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against TerraForm Labs Ptd. Ltd., Jump Crypto, Jump Trading LLC, Republic Capital, Republic Maximal LLC, Tribe Capital, DFinance Capital, DFinance Technologies, GSR/GSR Markets Limited, Three Arrows Capital Ptd. Ltd., Do Kwon, and Nicholas Platias in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Terra Tokens including UST, LUNA, KRT, ANC, WHALE, ASTRO, APPOLO, XDEFI, MINE, aUST, vUST, MIR, Mirrored Assets (e.g. mBTC, mETH, mVIXY, mTSLA, etc.), Liquidity Pool tokens (e.g. UST-mVIXY-LP, bLUNA-LUNA-LP, XDEFI-UST-LP, etc.), and/or Bonded Assets (e.g. bLUNA and bETH) between May 20, 2021 and May 25, 2022, both dates inclusive (the “Class Period”). Investors have until August 19, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
TerraForm Labs Ptd. Ltd. (“TFL”) is a company that operates the Terra blockchain and its related protocol, which hosts, supports, and funds a community of decentralized financial applications and products known collectively as the Terra ecosystem.
On May 25, 2022, the price of the UST hit a low of $0.07 per token, down from $1.00, which it has not been able to recover. The price of UST and LUNA tokens dropped by 91% and 99.7%, respectively, between May 7, 2022 and May 12, 2022 and has not recovered.
The complaint alleges that defendants violated provision of the Exchange Act by carrying out a plan, scheme, and course of conduct that TFL intended to and did deceive retail investors and thereby caused them to purchase Terra Tokens at artificially inflated prices; endorsed false statements they knew or recklessly should have known were materially misleading; and made untrue statements of material fact and omitted to state material facts necessary to make the statements not misleading. The complaint alleges that TFL and the individual Defendants also violated provisions of the Securities Act by participating in TFL’s failure to register the Terra Tokens. The complaint further alleges non-securities claims, such as California common law claims for aiding and abetting and for civil conspiracy. Finally, the complaint alleges that all Defendants violated provision of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by conducting the affairs of an enterprise through a pattern of racketeering activity. The complaint further alleges that the Defendants violated provisions of California Common Law by possessing the monetary value of Terra Tokens at inflated value which rightfully belongs to the Plaintiff and members of the class.
If you purchased or otherwise acquired Terra Tokens and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.