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.