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DraftKings NFTs Securities Trial: Lawsuit Moves Forward
The post DraftKings NFTs Securities Trial: Lawsuit Moves Forward appeared on BitcoinEthereumNews.com. A US Judge has rejected DraftKings’ motion to dismiss the class action lawsuit filed by the company’s Non-Fungible Token (NFT) buyers. The lawsuit accuses DraftKings, its CEO, CFO, and president of allegedly violating federal securities laws with its NFTs. DraftKings Accused Of Selling Unregistered Securities On March 2023, Justin Dufoe filed a putative class action against sports betting and fantasy sports company DraftKings. In the complaint, the Plaintiff asserts that the company’s non-fungible tokens should be considered “investment contracts” under the Howey Test. DraftKings launched the ‘DraftKings Marketplace’ in 2021 using the Polygon Blockchain. The marketplace offered “digital collectibles across sports, entertainment, and culture.” Its first NFT featured football player Tom Brady and sold for $12 to $1,500 each. Justin Dufoe's lawsuit against DraftMakers. Source: CourtListener Dufoe asserts that the sports betting company’s NFTs are a security under federal law. Moreover, the complaint alleges that the defendants knowingly sold unregistered securities and profited from their sales: Defendants had actual knowledge of facts indicating that the NFTs they promoted and sold were ‘securities’ under federal and state securities laws and further that they had failed to register their NFTs as securities. Defendants reaped, or will reap, hundreds of millions of dollars in profits from their unregistered securities sales. In October, DraftKings filed a motion to dismiss the lawsuit, arguing that their NFTs are not securities “and thus are not subject to the registration requirements of the Securities Act of 1933, or the Securities and Exchange Act of 1934.” US Judge Rejects Motion To Dismiss NFTs Securities Trial On July 2, the US District Court District of Massachusetts denied the motion as the Plaintiff “plausibly alleged that the DraftKings NFTs are investment contracts, and therefore securities, under the Howey test.” Us Judge rejects DraftKings' motion to dismiss the lawsuit. Source: CourtListener…
The post DraftKings NFTs Securities Trial: Lawsuit Moves Forward appeared on BitcoinEthereumNews.com.
A US Judge has rejected DraftKings’ motion to dismiss the class action lawsuit filed by the company’s Non-Fungible Token (NFT) buyers. The lawsuit accuses DraftKings, its CEO, CFO, and president of allegedly violating federal securities laws with its NFTs. DraftKings Accused Of Selling Unregistered Securities On March 2023, Justin Dufoe filed a putative class action against sports betting and fantasy sports company DraftKings. In the complaint, the Plaintiff asserts that the company’s non-fungible tokens should be considered “investment contracts” under the Howey Test. DraftKings launched the ‘DraftKings Marketplace’ in 2021 using the Polygon Blockchain. The marketplace offered “digital collectibles across sports, entertainment, and culture.” Its first NFT featured football player Tom Brady and sold for $12 to $1,500 each. Justin Dufoe's lawsuit against DraftMakers. Source: CourtListener Dufoe asserts that the sports betting company’s NFTs are a security under federal law. Moreover, the complaint alleges that the defendants knowingly sold unregistered securities and profited from their sales: Defendants had actual knowledge of facts indicating that the NFTs they promoted and sold were ‘securities’ under federal and state securities laws and further that they had failed to register their NFTs as securities. Defendants reaped, or will reap, hundreds of millions of dollars in profits from their unregistered securities sales. In October, DraftKings filed a motion to dismiss the lawsuit, arguing that their NFTs are not securities “and thus are not subject to the registration requirements of the Securities Act of 1933, or the Securities and Exchange Act of 1934.” US Judge Rejects Motion To Dismiss NFTs Securities Trial On July 2, the US District Court District of Massachusetts denied the motion as the Plaintiff “plausibly alleged that the DraftKings NFTs are investment contracts, and therefore securities, under the Howey test.” Us Judge rejects DraftKings' motion to dismiss the lawsuit. Source: CourtListener…
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