SEC Paused, But This Law Firm Has Begun Probe On Yuga Labs, Will It Impact Its NFTs

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The consumer rights litigation firm Scott+Scott has begun collecting fresh evidence to determine whether Yuga Labs or its officers, directors, promoters and corporate insiders might have violated federal securities laws.

Scott+Scott Launches Probe Against Yuga Labs

In a November 23 press release, the law firm confirmed investigating Yuga Labs to determine whether it has committed an offense on its franchise. The probe comes when the Bored Ape creator faces another lawsuit with SEC.

Scott+Scott is an international shareholder and consumer rights litigation firm renowned for prosecuting major crypto, securities, antitrust, and employee retirement plan actions throughout the United States.

The law firm represents pension funds, foundations, individuals, and other entities worldwide, with offices in New York, London, Connecticut, California, and Ohio. The law firm anticipates collecting evidence and submitting it to the SEC for further action.

Yuga Labs, the $4 billion startup, is the parent company for a series of digital assets, including ApeCoin tokens, Mutant Ape Yacht Club, Bored Ape Kennel Club, the Otherside metaverse, and its flagship product, the Bored Ape Yacht Club NFT collection.

Yuga Labs’ Securities Offering Lawsuit

Last month, reports emerged that the United States Securities and Exchange Commission had launched a probe against Yuga Labs for allegedly selling unregistered securities. Scott+Scott has accused Yuga Labs of inappropriately inducing investors to buy the Bored Ape Yacht Club NFT collection.

In that context, the law firm has urged any investor who might have suffered a significant loss, either realized or unrealized, from any of the Yuga Labs investments to forward the details for in-depth investigation. So far, the SEC has not found evidence against Yuga Labs.

The Scott+Scott probe comes when some Bored Apes NFT collections have suffered the recent crypto bear market. Justin Bieber is one of the victims of Yuga Labs’ investments. The Canadian pop singer bought his Bored Ape NFT for $1.2 million earlier this year. His NFT has dropped in value to just $67,000.

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