Cases & Investigations
Pump.Fun memecoin

Wolf Popper LLP and Burwick Law filed a class action complaint on behalf of a Class of all investors who purchased cryptocurrency memecoins or tokens that were issued by, promoted by, or sold by the defendants through Pump.Fun, or for which the defendants solicited the sale of through Pump.Fun (collectively, the “Tokens”).  Wolf Popper LLP and Burwick Law also filed a class action in a related case specifically on behalf of investors who purchased the $PNUT Token on Pump.Fun. The defendants in both class action litigations are Baton Corporation Ltd., d/b/a Pump.Fun, Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale.
 
The $PNUT class action was filed on January 16, 2025 in the United States District Court for the Southern District of New York. The $PNUT class action complaint 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 $PNUT class action seeks to recover damages on behalf of all purchasers of PNUT tokens.  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.
 
The Token class action was filed on January 30, 2025 in the United States District Court for the Southern District of New York. The Token class action complaint alleges that all memecoins issued by Pump.Fun (i.e. the Tokens) are securities as defined by the Securities Act of 1933, required registration statements for the Tokens were never filed with the SEC, and that Baton Corporation violated Sections 5 and 12(a)(1) of the Securities Act by selling and soliciting the sale of unregistered Token securities. The complaint further alleges that the defendants Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale are control persons of Baton Corporation and, pursuant to Section 15 of the Securities Act, are jointly and severally liable for Baton Corporation’s violations of the Securities Act.
 
The Token class action seeks to recover damages on behalf of all purchasers of the Tokens.  The case is Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun et al., No. 1:25-cv-00880, pending in the U.S. District Court for the Southern District of New York. 
 
If you are a member of either the $PNUT Class or the Token Class, you may file a motion to be appointed lead plaintiff in the respective litigation. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The deadline to file a motion for appointment in the $PNUT class action is no later than Tuesday March 18, 2025. 
 
If you believe you have suffered damages from the purchase of the PNUT token, please contact https://www.burwick.law/newclient.

• Phone: Chet B. Waldman – 212-451-9624
• Phone: Joshua W. Ruthizer – (212) 451-9668
• Phone: Matthew Insley-Pruitt – (212) 451-9621
• Phone: Terrence Zhang – 212-451-9663
• Email: Outreach@wolfpopper.com
• New Client SignUps: https://www.burwick.law/newclient