A U.S. District Court has ruled in favor of investors of HelbizCoin (HBZ) and has allowed a class lawsuit to proceed against the company. The court upheld claims made by HBZ investors that the company had acted fraudulently and that its token had violated securities laws. The lawsuit claims that HBZ defrauded investors into buying its token and made false statements about the company’s finances and its relationship with a major car manufacturer. The ruling is a disappointment to HBZ, which faces the prospect of having to protect itself against the claims made by its investors.