Attorneys for Caitlyn Jenner’s Memocoin buyers group said they would continue their legal battle with former Olympians after the judge filed suit for not properly supporting the securities and properly supporting the claims it brought.
“After stating in a motion filed May 9 after California District Court Judge Stanley Blumenfeld Jr., he filed a class action lawsuit from buyers of self-title Mimecoin, Caitlyn Jenner (Jenner) after saying in a motion filed on May 9, he was filed with the exception of Jenner on the request of Jenner, who has been gone, complaining that all nine causes of action were impaired.
He allowed the class group to amend the lawsuit. This must be submitted by May 23rd, but warned that it would “please focus and wisely plead” than the original.
Jack Fitzgerald, PC partner at Fitzgerald Monroe Flynn, a class group lawyer, told Cointelgraf “We recognize that we can state some claims against the defendant and are pleased with the court that we intend to revise the case and move forward.”
Jenner and her manager Sophia Hutchins were sued by a group that accused her of purchasing a Jenner token in November and accusing her of “fraudulently soliciting investors who were not financially sophisticated.”
British citizen Lee Greenfield was added as lead plaintiff in January, claiming he lost $40,000 to Jenner’s purchase. However, the court found that the claims of a violation of the securities law were unbearable because it was not allegedly made in the US as the law requires, and found that he gave “slight details” about the purchase.
The court dismisses all claims by the Jenner Token Holder
Overall, Judge Blumenfeld dismissed eight more claims filed amended complaints filed by the class group in February. This includes accusations that Jenner and Hutchins have issued misleading statements that they have either sold unregistered securities or committed various frauds.
Judge Blumenfeld said that “Greenfield failed to assert that Jenner sold the token through a prospectus containing a false statement because “it acknowledges that $Jenner Tokens is not being sold in the prospectus.”
The court also threw charges of common or customary fraud, claiming that the complaint omitted information and said in various X posts by Jenner that “she will continue to support the token,” but did not identify which of the statements related to the fraud claim.
The group also accused Hutchins of supporting and beating Jenner’s misconduct, but Judge Blumenfeld said the claim failed because the claim “did not properly claim a viable fraud claim.”
In a footnote, Judge Blumenfeld said that Jenner and the Class Group challenged whether the Jenner token is security, but he had no intention of making a decision at this stage as “the security claim will fail for other reasons.”
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“The decision on whether a token is a security depends on facts and could be affected by an amended complaint, so the court will refuse to resolve the issue at this stage and instead assume it is a security subject to federal securities law,” he writes.
Jenner first launched in May 2024 via Pump.Fun, but soon got caught up in controversy after launching the launch of Jenner and other Memecoin.
Jenner resumed his tokens at Ethereum. The class group claimed to have tanked the value of the original Solana Token, but Jenner gave the advantage of collecting a 3% fee on all transactions.
Jenner has essentially lost all its value since its launch. Coingecko shows that the market value crashed to around $58,775 from its peak on June 3rd, about $7.5 million. Tokens have seen trading volumes worth just $61.10 on the last day.
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