Dogecoin Lawsuit Against Musk Ends As Investors Withdraw Appeal, DOGE To Rally?
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In the latest development, the ongoing legal battle over Musk’s connection with Dogecoin has come to an end as investors have withdrawn their appeal. The lawsuit had accused Musk of manipulating DOGE price, accusing of fraud and insider trading. Investors Withdraw Their Appeal “They are also withdrawing a bid to sanction Musk’s lawyers for allegedly interfering with the appeal, including by demanding payment of their hefty legal fees,” as per Economic Times. However, with investors withdrawing their appeal, this has officially come to an end. Additionally, Musk and Tesla have withdrawn their motion to sanction the opposition legal team over the lawsuit. The case was previously dismissed on August 29th, when investors had sought to continue taking legal action against Musk. Musk- The DOGE Father Previously, Musk had declared himself to be the Doge father, frequently citing the memecoin in various instances. His connection would trigger price increases for the token. This led to a legal battle, as investors alleged Musk of manipulating the price of the token for his gains. The investors accused Musk of using Twitter posts, an appearance on NBC’s “Saturday Night Live” and other stunts to trade dogecoin at their expense, including by timing trades to Musk’s public statements and activities. Investors originally sought $258 billion and amended their complaint four times in two years. However, on August 29, the case was dismissed stating that reasonable investors could not establish securities fraud based on Musk’s public statements. The judge stated that Musk’s comments, such as describing Dogecoin as the “future currency of Earth,” could not be reasonably interpreted as market manipulation or insider trading. A stipulation dismissing the appeal and both sides’ motions was filed on Thursday night in federal court in Manhattan. It now requires approval by U.S. District Judge Alvin Hellerstein. Dogecoin Soars On…
Filed under: News - @ November 15, 2024 10:21 pm