Case Updates | 01/16/2025
Related Case: Pump.Fun memecoin
Wolf Popper LLP and Burwick Law filed a class action complaint
on behalf of a Class of all investors who purchased the PNUT Token
($PNUT), a memecoin issued, sold, marketed, and solicited for sale
by Baton Corporation Ltd. d/b/a Pump.Fun. The defendants are Baton
Corporation Ltd., d/b/a Pump.Fun, Alon Cohen, Dylan Kerler, and
Noah Bernhard Hugo Tweedale.
The lawsuit, filed on January 16, 2025 in the United States
District Court for the Southern District of New York, alleges that
the Pump.Fun website, which is owned and operated by defendant
Baton Corporation Ltd., allows users to create an issue their own
memecoins, and that because of the standardized process and
controls for, and characteristics of, the memecoins put in place by
Pump.Fun, all memecoins issued by Pump.Fun are securities as
defined by the Securities Act of 1933. The Complaint further
alleges that the PNUT Token, which was first sold by Pump.Fun on
October 31, 2024, is a security as defined by the Securities Act, a
registration statement for the PNUT Token was never filed with the
U.S. Securitas and Exchange Commission ("SEC"), and that
the Baton Corporation violated Sections 5 and 12(a)(1) of the
Securities Act by selling and soliciting the sale of unregistered
PNUT Token securities. The complaint further alleges that the
defendants Cohen, Kerler, and Tweedale are control persons of Baton
Corporation and are jointly and severally liable for Baton
Corporation's violations of the Securities Act.
The class action seeks to recover damages on behalf of all
purchasers of PNUT tokens.
If you are a member of the $PNUT Class, you may file a motion to be
appointed lead plaintiff no later than Tuesday March 18, 2025. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation.
The case is Carnahan v. Baton Corporation Ltd. D/B/A Pump.Fun
et al., No. 1:25-cv-00490, pending in the U.S. District Court
for the Southern District of New York.