Cases & Investigations
Pump.Fun memecoin
Type: Current Cases
Case Number: 1:25-cv-00490
Lead Plaintiff Deadline: 03/18/2025
Defendant(s): Baton Corporation Ltd. d/b/a Pump.Fun, Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale
Stock Symbol: $PNUT
Court: United States District Court for the Southern District of New York
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 and 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. Securities 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.
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.
If you believe you have suffered damages from the purchase of the PNUT token, please contact https://www.burwick.law/newclient.
Contact Instructions
- Phone: Chet B. Waldman – 212-451-9624
- Phone: Joshua W. Ruthizer – (212) 451-9668
- Phone: Terrence Zhang – 212-451-9663
- Email: Outreach@wolfpopper.com
- New Client SignUps: https://www.burwick.law/newclient