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Serena Williams Named In Class Action Suit Alleging Misleading Promotion Of NFTs
Serena Williams has been named in a class-action lawsuit filed against the creators of the NFT company Bored Ape Yacht Club (BAYC).
12:30 12th Dec, 2022

The lawsuit alleged that a host of celebrities had misled investors and violated both state and federal laws by promoting non-fungible BAYC tokens at artificially inflated prices without disclosing their financial stakes or other relevant interests.

Justin Bieber, Madonna, Kevin Hart, Snoop Dogg, and Jimmy Fallon are some of the other celebrities listed in the lawsuit.

"Defendants' promotional campaign was wildly successful, generating billions of dollars in sales and re-sales. The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices. Promoting the BAYC NFTs on their social media platforms and through their reported conduct, [the celebrities] provided assistance that was a substantial factor in causing the NAYC NFTs price to both surge and do so long enough to allow all Defendants to sell their BAYC NFTs for huge profits at the expense of their followers and investors," the lawsuit read.


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