Celebrities Named in Lawsuit for Endorsements of Yuga Labs

Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) – the mega popular NFT collection that is somewhat a status symbol — was sued in a class action lawsuit along with a slew of celebrities who had endorsed them. They include Madonna, Snoop Dogg, Paris Hilton, Jimmy Fallon, Serena Williams, Kevin Hart, Justin Bieber and Gwyneth Paltrow, according to the filing.

The recent action was filed in the U.S. District Court for the Central District of California, on behalf of investors who purchased or acquired the Yuga securities “and who were damaged thereby,” according to a statement.

The complaint alleges that the defendants made false and misleading statements and used celebrity promoters “to lure in unsuspecting investors so Yuga insiders could sell the unregistered Yuga securities in violation of the Securities Act.”

Read the source article at finance.yahoo.com