US files class action lawsuit against Celsius Network
- July 25, 2022
- 0
Law firm Bragar Eagel & Squire, PC, has filed a class action lawsuit in New Jersey County Court against crypto lending platform Celsius Network. This is stated in
Law firm Bragar Eagel & Squire, PC, has filed a class action lawsuit in New Jersey County Court against crypto lending platform Celsius Network. This is stated in the press release.
Among the defendants are Celsius Lending LLC, Celsius KeyFi LLC and the company’s president, Alex Mashinsky. According to the lawyers, they violated the provisions of the Exchange Act and misled investors about their “financial products”.
“CEL token price dropped from $7.73 [зафиксированного] Dropped to $0.28 from June 3, 2021 […]. “Celsius and its affiliates, along with individual defendants, also violated the provisions of the Securities Act by offering unregistered securities.”
The lawyers acted on behalf of individuals and organizations that have invested in Celsius.
On June 13, the platform suspended withdrawals, swaps and transfers between accounts. A month later, on July 14, Celsius Network and some of its subsidiaries filed for bankruptcy.
That same month, the company announced a business restructuring plan focused on its mining division.
As a reminder, DeFi contractor Celsius KeyFi Inc. He sued the landing platform, accusing him of refusing to fulfill his contractual obligations.
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