Defendants involved in the Ethereum Max (EMAX) lawsuit are requesting that the California Central District Court dismiss the latest charges filed against them.
In December, U.S. District Court Judge Michael W. Fitzgerald ruled that reality TV star Kim Kardashian, NBA legend Paul Pierce, boxing champion Floyd Mayweather Jr., and other defendants had invested in Ethereum Max ERC-20 tokens. filed a class action lawsuit for unfairly promoting the
Following the filing of the amended complaint, defendant motion On January 7, he asked the court to drop the charges.
They argue that the new allegation is no different from a previously dismissed lawsuit that claimed EMAX was advertised to artificially increase its value so that investors would buy the token at an inflated price. increase.
“The court has previously ruled that this theory is implausible because tokens have no value other than what the market is willing to pay in real time.
Otherwise, the court dismissed the prior complaint outright for fundamental flaws. The addition of new allegations, defendants, and over 100 pages of largely unrelated allegations does not solve the deficiencies. ”
Last week, the US Securities and Exchange Commission (SEC) announced that it had indicted Pierce for making false and misleading promotional statements about EMAX. The basketball star agreed to settle and pay $1.41 million in penalties, spitting and interest.
Regulators also charged Kardashian with similar crimes in October. The media personality agreed to settle the charges and pay a $1.26 million fine.
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