Pump.Fun Named Defendant in Class Action Lawsuit for Securities Violations

Pump.fun, a Solana-based meme coin issuance platform, has announced that all tokens generated on the platform will be unregistered securities-based meme tokens.
The company is facing a class action lawsuit alleging that it made about $500 million from its cryptocurrency, which is a cryptocurrency that has been used to buy cryptocurrencies. On the 30th (local time), Diego Aguilar, the lead plaintiff in the lawsuit,
Aguilar, in a lawsuit filed in New York federal court, alleges that Baton Corporation
Pump.fun, operated by the tech giant Pump.fun, is using "guerilla marketing" techniques to artificially pressure investors.
"Pump.Fun's core function is to work with influencers to jointly issue unregistered securities, which have created a false impression that individual investors have suffered huge losses," the company said.
"The way this platform operates is a new form of Ponzi scheme and pump-and-dump scam," it said.
The lawsuit includes Baton Corporation's UK Companies Registration Documents.
Alon Cohen, who is listed as an officer of the House
Cohen, Dylan Kerler, Noah Bernhard Hugo Twidale
Diego Aguilar claims he purchased several meme coins on Pump.Fun, but the lawsuit claims he was involved in a fraudulent transaction with the platform.
The lawsuit calls into question all of Pump.Fun's tokens, which it considers to be "unregistered security-type meme coins." The lawsuit alleges that Pump.Fun has violated the technical infrastructure, liquidity, pricing and advertising of its tokens.
The company also claims to have acted as the issuer and legal seller of the tokens, based on violations of securities laws, and to have sought cancellation of all token purchase agreements and monetary compensation for damaged investors.
At present, Pump.Fun and Baton Corporation have not released an official statement, and information about the defendants' lawyers is not immediately available.
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