Polygon (MATIC)

Polygon investors were inappropriately encouraged to buy MATIC tokens. Polygon Labs did not register the MATIC token with the SEC; nor did the Company seek an exemption from registering the MATIC tokens as securities. The SEC, in turn, has already found that MATIC tokens are securities.

Nevertheless, Polygon Labs and its insiders used misleading marketing and promotions to inflate the price of the MATIC token by touting the growth prospects for investors. These promotions mislead investors into purchasing the MATIC tokens at artificially inflated prices.

Once their promotional efforts were completed, Polygon and its insiders effectively “pulled the rug” on retail investors, leaving them with tokens that had lost 78% from the inflated price high in April 2021.

As a result, individual investors in MATIC tokens are now joining together through a class action brought by law firm Scott+Scott, to seek restitution for losses incurred from the purchase of MATIC tokens. If you suffered losses in association with the purchase of MATIC tokens between December 2021 through the present you are encouraged to reach out to Scott+Scott to learn more about your legal rights.