Caitlyn Jenner faces a class-action lawsuit from investors alleging fraud and misleading statements regarding the failed JENNER cryptocurrency token.
Olympic gold medalist Caitlyn Jenner is facing a class-action lawsuit from investors who claim she misled them into purchasing a failing cryptocurrency token. The token, known as JENNER, has plummeted since its launch. As a result, this fall left many investors with significant losses.
The suit was filed in a California federal court by a group of disgruntled investors. They include Naeem Azad from the UK and Mihai Caluseru from Romania. The case alleges that Jenner and her manager, Sophia Hutchins, fraudulently sought to sell the JENNER token as an unregistered security. The plaintiffs claim they were defrauded by providing false and misleading information regarding the token’s prospects in a project that was a complete failure.
The investors say they have lost over $56,000 in the token Jenner aggressively marketed on her Instagram account. The two are accused of not revealing relevant issues such as the token’s danger and insiders’ number of tokens. According to the plaintiffs, the token’s non-registration with the SEC hurt Jenner because investors could not assess the risks accurately and suffered “significant damages.”
JENNER Token Investors File Lawsuit Over Fraud and Hidden Fees
Following the token launch on the Solana blockchain, Jenner was said to have price targets in place. However, the token plummeted shortly after due to a dump by collaborator Arora. The case in the civil lawsuit alleges that Jenner failed to inform investors of this risk. Additionally, when Jenner reintroduced it on the Ethereum blockchain, the value of the Solana token fell drastically. The plaintiffs also allege that Jenner charged them a 3% ‘tax’ on each of the shares that were never disclosed to the buyers.
According to the same data from CoinGecko, as of November 14, 2024, the JENNER token is $0.0001176 on Ethereum. It has a total market capitalization of 117,715.
The investors’ legal reasons for seeking relief include securities fraud, common law fraud, and violation of securities laws. They say that Jenner knowingly failed to disclose some information that would help them get their money back. Therefore, the investors have said that they cannot be compensated unless through the court. For this reason, they are seeking damages through the court case.
