FOR IMMEDIATE RELEASE - September 6, 2022
Evan Spencer Law, PLLC
305 Broadway, 7th Floor
New York, NY 10007
The Perez Law Firm
151 W. Passaic St., 2ndnd Floor
Rochelle Park, NJ 07662
ELON MUSK $258 BILLION DOGECOIN CLASS ACTION UPDATE
Amended Class Action Complaint Filed in Federal Court Today
A 115-page amended complaint with ten causes of action, including seven for securities violations, and 23 exhibits was filed today by eight Plaintiffs against Elon Musk, Tesla, SpaceX, the Boring Company, the Dogecoin Foundation and other Defendants. The lawsuit includes Musk’s admissions regarding Dogecoin since the original lawsuit was filed three months ago, and reports from three independent experts who state that Musk is responsible for manipulating Dogecoin. While Musk pumped the price 36,000% from 2019 - 2021, the price dropped 90% since it peaked without any signs or hope of rising again exponentially. Plaintiffs have retained an expert witness who will explain how and why Dogecoin is a pyramid scheme.
“For every billion dollars that Musk profited in Dogecoin for himself, his family, friends, companies and employees, our clients and the class of around two million people lost that same amount plus exchange fees, miner fees and spread fees. That’s how a pyramid scheme works. Most everyone who bought Dogecoin after February 4, 2021, lost most of their money and the price will never approach its high of 73 cents again. Since this lawsuit was filed June 16, 2022, Musk has been pumping Dogecoin constantly and the price has actually dipped from 6.3 to 5.9 cents over that 3-month period. There are few new buyers as reflected by the fact that the Dogecoin trading volume is now 0.5% (1/200) or 99.5% less than it was at its height in the spring of 2021,” said Plaintiffs’ attorney Evan Spencer. “Elon Musk and the Defendants have conspired to commit securities violations and civil RICO violations,” said Plaintiffs’ co-counsel Santos A. Perez, “all the latest case law from the past two years proves that cryptocurrencies like Dogecoin are in fact securities regulated by U.S. securities laws and the Dogecoin pyramid scheme also violates civil RICO.”
The Plaintiffs include a U.S. special operations veteran, an active member of the U.S. National Guard, a disabled retiree, and a variety of other Americans who each lost anywhere from a few hundred dollars to as much as $30,000, all as result of Elon Musk’s misrepresentations about the security Dogecoin. “Elon Musk and his companies defrauded me and millions of other Americans and investors abroad out of billions of dollars through Dogecoin,” said lead Plaintiff and New England electrician Keith Johnson, “he should compensate everyone who lost money in this pyramid scheme.”
The lawsuit points out that transferring flat currency to Dogecoin is costly and damaging to the environment. If one wants to convert $100 in cash, the individual will only yield approximately $95 in Dogecoin, after accounting for exchange fees, miner fees and spread fees. In addition, one Dogecoin transaction leaves the equivalent carbon footprint of over 600,000 Visa transactions.
Anyone who lost money trading Dogecoin or who holds Dogecoin at a loss is welcome to join the lawsuit at no cost along with anyone who paid exchange fees, miner fees, or spread fees for trading Dogecoin since June 16, 2016, by contacting counsel listing above or: email@example.com