Solana Labs Accused of Selling Unregistered Securities in New Lawsuit

Solana Labs was sued along with key players in Solana’s ecosystem on July 1, in California federal court.

Roche Freedman LLP filed the class-action lawsuit on behalf of plaintiff Mark Young. The lawsuit was brought by Schneider Wallace Cottrell Konecky and the Solana Foundation.

“Defendants made huge profits selling SOL securities to US retail investors, in violation of the registration provisions in federal and state securities laws. Investors have suffered immense losses.”

Young had purchased an undisclosed amount SOL in August 2021 and September 2021. The plaintiff also accused Anatoly Yakovenko (CEO of Solana Labs) of misleading statements regarding the total circulating supply. This could lead to other crypto exchanges eventually removing SOL. It could be similar to the case of Ripple, when XRP was removed from many platforms following a lawsuit by the SEC against the blockchain company.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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