The lawyer for a group of buyers from Caitlyn Jenner Mecoin said that they would continue their legal fight against the former Olympian after a judge rejected the case for not having supported the securities and fraud claims it has brought.
Jenner had escaped a collective appeal of buyers of his eponymous same, Caitlyn Jenner (Jenner) after the judge of the district court of California Stanley Blumenfeld Jr.
It allowed the class group to modify its prosecution, which must be deposited by May 23, but warned that it had to “be more targeted and judiciously pleaded” than the original.
A lawyer for the class group, Fitzgerald Monroe Flynn PC, PC partner, Jack Fitzgerald, told Cointtelegraph that he was “happy that the court recognized that we could state certain complaints against defendants and intend to modify and advance the case”.
Jenner and her manager Sophia Hutchins were prosecuted in November by a group that bought the Jenner token and accused them of “fraudulently soliciting financially non -sophisticated investors” in the token, which they say was an unregistered guarantee.
Lee Greenfield, a British citizen, was added as the main applicant in January and said he lost more than $ 40,000 by buying Jenner. But the court concluded, for a beginning, that the allegations of violations of the securities law could not bear because it was not alleged that its Jenner purchases took place in the United States, as the law requires, and gave “rare details” on purchases.
The court rejects all complaints by Jenner Tokenders
In all, judge Blumenfeld rejected eight other complaints that the class group filed in a modified complaint filed in February, which included accusations according to which Jenner and Hutchins made misleading statements, sold not registered titles or various frauds.
Judge Blumenfeld said that the prosecution had not allegedly alleged that Jenner had sold the token through a prospectus that contained a false statement, because “Greenfield admits that the $ Jenner tokens were not sold through a prospectus.”
The court also launched an accusation of fraud to the common law, claiming that the complaint alleged the information had omitted and noted various x -to -Jenner positions “declaring that it would continue to support the tokens”, but it did not identify which of the declarations linked to the claim of fraud.
The group also accused Hutchins of having helped and encouraged the allegedly fraudulent conduct of Jenner, but judge Blumenfeld said that this complaint had failed because the complaint “does not adequately lighten no complaints from viable fraud”.
In a footnote, judge Blumenfeld said that Jenner and the class group challenged if the Jenner token was security, but it was not going to decide at this stage because “securities complaints fail for other reasons”.
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“Because the determination of knowing whether the tokens are titles dependent on the facts and can be affected by a modified argument, the court refuses to solve this problem at this stage and rather assumes without deciding that the tokens are titles subject to federal laws on securities,” he wrote.
Jenner was launched for the first time in May 2024 via Pump. Fun on Solana’s Blockchain, but was quickly involved in controversy after Jenner and other celebrities launched from even the same, said that Sahil Arora collaborator had scammed them.
Jenner has relaunched the token on Ethereum, which, according to the class group, said the value of the original Solana token, but gave Jenner the benefit of collecting costs of 3% on each transaction.
Jenner has essentially lost its value since the launch. Coingecko shows that its market value crashed at around $ 58,775 compared to a peak of June 3 of almost $ 7.5 million. The token only experienced $ 61.10 in negotiation volume during the last day.
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