Cases & Investigations
Midnight Hub: ROOMS NFT and Digital Nomads NFT Securities Litigation
Type: Current Cases
Case Number: 3:24-cv-07704
Lead Plaintiff Deadline: 01/06/2025
Class Period: All persons who purchased or acquired Midnight Hub: ROOMS NFTs and Digital Nomads NFTs between January 15, 2023 and March 31, 2024
Defendant(s): Brian Veluz-Nepomuceno, Percival Ong, Midnight Hub, and Rooms.tv
Court: United States District Court for the Northern District of California
According to the Complaint, in or around January 2023, Defendants promoted its Web3 ecosystem called Midnight Hub that would develop and grow community-run projects, such as a community-run streaming platform called Digital Nomads TV. In order to fund this project, Midnight Hub and Rooms.tv created and sold the Midnight Hub: ROOMS NFTs and Digital Nomads NFTs. The proceeds from the sales and royalties of those NFTs were supposed to be reinvested into the platform. However, after selling the NFTs, nothing was done to develop the Midnight Hub ecosystem or its underlying projects, and as a result, the value of the NFTs has fallen to near zero.
The Complaint alleges that the Defendants violated Sections 5, 12(a)(1), 12(a)(2), and 15 of the Securities Act by selling the Midnight Hub: ROOMS NFTs and Digital Nomads NFTs, which were unregistered securities, and by making untrue statements of material fact or omitting material facts in connection with the sale of the NFTs. The complaint further alleges California state law claims in the alternative, if the Court determines the NFTs at issue are not securities.
If you are a member of the Class, you may file a motion to be appointed lead plaintiff no later than 60 days after the publication of this notice, which is Monday January 6, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Contact Instructions
- Phone: Chet B. Waldman – 212-451-9624
- Phone: Matthew Insley-Pruitt – 212-451-9621
- Phone: Philip M. Black – 212-451-9642
- Phone: Justyn J. Millamena – 212-451-9609
- Email: Outreach@wolfpopper.com