Skadden Discusses Suit Alleging NBA “Top Shot” NFTs Were Securities
Reynolds Holding
FEBRUARY 27, 2023
On May 12, 2021, plaintiff Jeeun Friel filed a putative class action against Dapper Labs and its CEO, Roham Gharegozlou, alleging that Moments were securities under the federal securities laws. Ashcroft v. Thus, as the court explained, if Dapper Labs hypothetically went out of business, Moments would be worthless. Iqbal, 556 U.S.
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