A proposed class-action lawsuit has been filed against Caitlyn Jenner by a group of memecoin buyers who accuse her of selling the JENNER token as an unregistered security. The plaintiffs, Naeem Azad and Mihai Caluseru, allege they lost over $56,000 due to misleading statements made by Jenner regarding the investment. They claim she failed to register the token with the Securities and Exchange Commission, denying them crucial risk information. Launched on Solana and then relaunched on Ethereum, the token has seen its value dramatically decline, hitting an all-time low with trading volumes almost non-existent. The lawsuit claims Jenner has abandoned the project and did not disclose important information about her and her associates' investments. Additionally, it alleges that Jenner benefited financially while investors suffered severe losses, and that she promoted unrealistic market targets before the token's collapse. Hudchins, Jenner's manager, is also named in the lawsuit for aiding in the alleged fraud.

Source 🔗