Description
A group of NBA Top Shot NFT purchasers sues Dapper Labs, alleging that the company engaged in an unregistered securities offering by treating the NFTs as securities. Dapper Labs settled the claim for $4 million without admitting or denying the allegations.
Legal Significance
Court found that sale of NFTs was plausibly an unregistered offering because Dapper Labs also created the underling Flow blockchain. Dapper Labs greed to implement operational changes as part of its settlement.
Issues
Status
Settled
Case No.
1:21-cv-05837
Date Filed
May 21, 2021
Plaintiff
Jeeun FrielGary Leuis
Defendant
Dapper Labs Inc.Roham Gharegozlou
Court
USDC Southern District of New York
Plaintiff Counsel
The Rosen Law Firm
Defendant Counsel
Paul Hastings LLP
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