The giant ICO Tezos, once darling of the OIC world supported by VC icon Tim Draper, makes now the object of at least a large class action suit with potentially more to follow. The threat of a class action came a few weeks after the infighting at the top of the company had been made public.
The class action was filed in the California District Court by attorney James Taylor-Copeland. The lawsuit alleges that Tezos violated US securities law by offering securities, while "misleading" investors about the nature of the company.
Tim Draper defended his position by writing in his comment to Cointelegraph:
"There was nothing secret about our purchase of Tezos. Ownership in the company, which at the time was two bright young people and an idea.The sale might not have happened at all! We also participated in the pre-sale.Most of the founders ICOs earn tokens over time, and all the chips we hope to receive that we have not bought in pre-sale (alongside all the other investors who have participated) will be acquired over the course of time. time with the chips of the founders.I do not intend to sell these chips because I sincerely believe in the mission of Tezos: build a blockchain on proof of stake and open it developers that they build and invent on a new and more relevant platform nte. "
Investors in anger
The lawsuit is not the only one in the works. Other companies are also studying and preparing for possible lawsuits, including the Florida-based Silver Miller Corporation. Investors who feel they have been embezzled can contact one or the other of the companies to be added to the class action. According to the report:
"Taylor-Copeland stated that the proposed class includes about 30,000 people who bought Tezzies and seeks to allow them to cancel their purchases and other damages. stated that the trial could be the first civil action against an ICO. "