Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against TerraForm Labs, Solana Labs, and Celsius Network and Encourages Investors to Contact the Firm
NEW YORK, July 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of people who purchased securities from TerraForm Labs Ptd. Ltd., Solana Labs, Inc., and Celsius Network LLC, and the companies’ respective Co-Defendants. Those who purchased securities have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
TerraForm Labs Ptd. Ltd. and Co-Defendants
Class Period: May 20, 2021 – May 25, 2022
Lead Plaintiff Deadline: August 19, 2022
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 provisions 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.
For more information on the TerraForm Labs class action go to: https://bespc.com/cases/TERRA
Solana Labs, Inc. and Co-Defendants
Class Period: March 24, 2020 – Present
Lead Plaintiff Deadline: September 6, 2022
According to the lawsuit, Solana issues securities that are required to be, but are not, registered with the U.S. Securities and Exchange Commission. Throughout the Class Period, Defendants promoted SOL securities (SOL tokens) and sold them to investors, who has suffered losses from purchasing SOL securities.
For more information on the Solana Labs class action go to: https://bespc.com/cases/SOL-TOKENS
Celsius Network LLC and Co-Defendants
Class Period: February 9, 2018 – July 13, 2022
Lead Plaintiff Deadline: September 13, 2022
Celsius is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, the sale of its unregistered securities, as well as engaging in proprietary trading.
The price of CEL Tokens went from a high of $7.73 on June 3, 2021, to a low of $0.28 just over a year later on June 12, 2021, in the wake of the June Crisis and Celsius freezing its investors accounts.
The complaint alleges that Defendants violated provisions of the Exchange Act by carrying out a plan, scheme, and course of conduct that Celsius intended to and did deceive retail investors and thereby caused them to purchase Celsius Financial Products 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 made not misleading.
The complaint further alleges that Celsius and its affiliates, along with the Individual Defendants, also violated provisions of the Securities Act by selling non-exempt securities without registering it. The complaint alleges that Celsius and Individual Defendants violated provisions of the Securities Act by also participating in Celsius’ failure to register the Celsius Financial Products. The complaint alleges that the Defendants violated provisions of the New Jersey Common Law by possessing the monetary value of Celsius Financial Products of inflated value which rightfully belongs to the Plaintiff and members of the Class.
For more information on the Celsius Network class action go to: https://bespc.com/cases/CELSIUS
About Bragar Eagel & Squire, P.C.:
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.
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