INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Announces Investigation of Yuga Labs, Inc.
NEW YORK–(BUSINESS WIRE)–Scott+Scott Lawyers LLP (“Scott+Scott”), a global stock ownership and consumer rights litigation firm, is investigating whether Yuga Labs, Inc. (“Yuga” or the “Company”) or certain of its officers, directors , promoters and insiders of the company have violated federal securities laws. If you have purchased Yuga securities (e.g. non-fungible Bored Ape Yacht Club, Mutant Ape Yacht Club or Bored Ape Kennel Club tokens, ApeCoin tokens or virtual land) and have suffered losses on your Yuga investments, we encourage you to contact Scott+Scott attorney Sean Masson at (212) 519-5522 or smasson@scott-scott.com.
CLICK HERE FOR MORE INFORMATION ON PARTICIPATING IN THIS SURVEY
Yuga Labs, Inc. (“Yuga”) sells a suite of digital assets, including ApeCoin tokens, virtual lands in its metaverse, and various collections of non-fungible tokens (“NFTs”). Yuga’s flagship product is the NFT Bored Ape Yacht Club collection.
On April 20, 2021, Yuga premiered the Bored Ape Yacht Club NFT Collection, minting a total of 10,000. As the name suggests, NFTs feature digital images of a cartoon monkey with a bored facial expression. Yuga’s promotional efforts related to the Bored Ape Yacht Club and its ecosystem have been able to generate hundreds of millions of dollars for Yuga and company insiders through the sale and resale of Yuga NFTs.
On March 17, 2022, Yuga issued the ApeCoin token in a public offering, retaining approximately 32% of the total supply for founders, executives, and other insiders.
On April 30, 2022, Yuga launched a virtual land sale tied to its metaverse project, offering 55,000 virtual land plots and raising approximately $320 million in cryptocurrency. As Bloomberg noted in an article titled “Bored Ape Metaverse Frenzy Raises Millions, Crashes Ethereum,” this virtual land sale was “the biggest deal of its kind.”
On October 11, 2022, Bloomberg published an article titled “Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings”, reporting that the Securities and Exchange Commission had launched an investigation into Yuga’s digital asset suite and the sale of unrecorded titles.
Since the launch of Yuga securities, their price has fallen sharply on a large trading volume.
What you can do – CLICK HERE
If you have purchased non-fungible Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Kennel Club tokens, ApeCoin tokens, or virtual land in the Yuga metaverse, and you have suffered a loss, whether realized or not, and you want to discuss inquiry, please contact attorney Sean Masson at (212) 519-5522 or smasson@scott-scott.com.
About Scott+Scott Lawyers LLP
Scott+Scott has significant experience pursuing major cryptocurrency, securities, antitrust, and employee pension lawsuits across the United States. The firm represents pension funds, foundations, individuals and other entities worldwide with offices in New York, London, Connecticut, California and Ohio.
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