Yuga Labs investors were inappropriately induced to buy financial products created by Yuga Labs (YUGA LABS), namely the Ape Coin and the Bored Ape Yacht Club non-fungible tokens (“NFTs”). The YUGA LABS leadership used celebrity promoters and endorsements to inflate the price of the company’s NFTs and token, by generally promoted the growth prospects and change for huge returns on investment to unsuspecting investors. After selling off millions of dollars of fraudulently promoted NFTs, YUGA LABS launched the Ape Coin to further fleece investors. Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022.
As a result, Yuga Labs individual investors are now joining together through a class action brought by law firm Scott+Scott, to seek restitution for losses incurred from the purchase of YUGA LABS tokens and NFTs. If you suffered losses in association with the purchase of YUGA LABS tokens or NFTs between April 2022 and June 2022 you are encouraged to reach out to Scott+Scott to learn more about your legal rights.