Altcoin
JENNER Coin Investors File Case Over Misleading Statements
Caitlyn Jenner Lawsuit: American media personality and Olympic gold medalist Caitlyn Jenner is facing legal pressure from JENNER meme coin investors, per a case filed in the California Central District Court. A couple of investors recently filed a class-action suit against the American Olympian over misleading statements that promoted the mentioned meme coin. Notably, the token’s price lost nearly all of its value to date, crashing 91%, urging investors to take action to mitigate their losses.
Caitlyn Jenner Lawsuit: Investors File Case Amid Celebrity-Themed Token’s Bearish Performance
In a filing to the California Central District Court on November 13, plaintiffs Naeem Azad and Mihai Adrian Caluseru held the American Olympian and her manager, Sophia Hutchins, accountable for losses incurred following their investments in the JENNER token.
The Caitlyn Jenner lawsuit primarily alleges that the media personality and her manager willfully sold the token as an unregistered security. In turn, the plaintiffs incurred losses worth $56,000, alleging that Hutchins also violated securities and fraud laws. Meanwhile, the plaintiff’s attorney for the case remains Jack Fitzgerald.
For context, the lawsuit spotlights how the American media personality misled the broader masses to believe the token was going to pump higher. However, the coin soon bubbled with controversy as its price crashed promptly after the launch. Notably, the JENNER coin was initially launched on Solana via the renowned platform Pump.fun. However, the token’s price soon crashed amid a controversy surrounding collaborator Sahil Arora’s massive token dump.
Subsequently, the token was relaunched on Ethereum for better market performance. However, despite Caitlyn claiming that the token could see further gains, the price slumped, with investors incurring massive losses.
JENNER Coin’s Price Performance
Despite the lawsuit, JENNER price soared 37% at press time and is now resting at $0.0004789. The coin’s intraday low and high were $0.0002996 and $0.0004804, respectively. Notably, the token’s rising momentum despite the abovementioned lawsuit has sparked further controversial sentiments revolving around the token. Moreover, weekly gains totaled 123%, adding to investor speculations.
Nevertheless, it’s noteworthy that the token currently trades nearly 92% below its launching price. This marks a significant downfall for the crypto, aligning with the plaintiffs’ massive losses and the Caitlyn Jenner lawsuit. On the other hand, the meme-themed crypto sector glimmers immense bullishness as the top meme coins price witness remarkable weekly gains. Market watchers continue to eye the American Olympian-themed token for further shifts as the lawsuit advances.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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