JENNER Memecoin Investors Sue Caitlyn Jenner Over Alleged Misleading Statements

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• A group of investors sued Caitlyn Jenner for allegedly selling an unregistered security through misleading statements.
• The investors claim they lost over $56,000 due to the token’s decline in value.
• The lawsuit alleges Jenner failed to disclose crucial information about the token, including its lack of SEC registration.

JENNER Investors Sue Caitlyn Jenner

A group of investors, including Naeem Azad from the UK and Mihai Caluseru from Romania, have filed a class-action lawsuit against former Olympian Caitlyn Jenner and her manager, Sophia Hutchins.

The lawsuit, filed in a California federal court, alleges that Jenner and Hutchins fraudulently sold the JENNER token as an unregistered security.

The plaintiffs claim to have lost over $56,000 by investing in JENNER, alleging that they were misled by false and misleading statements made by Jenner and Hutchins.

Azad and Caluseru also sued Hutchins for securities fraud, common law fraud, and securities law violations.

Misleading Statements Allegations

The lawsuit alleged Jenner “willfully failed” to register the token with the SEC , causing buyers “significant damages” due to the lack of risk information that registration would have provided.

According to the complaint, Jenner has since “all but abandoned the project” and no longer promotes the memecoin. She also left investors facing severe losses “unlikely to be recovered.”

Shortly after the token’s launch on Solana , Jenner reportedly promoted price targets. Still, the token crashed after collaborator Arora sold a large share, a risk the suit claims Jenner failed to disclose.

The suit further accuses Jenner of “willfully omitting” critical information, such as the amount and cost of her and other insiders’ holdings, which she allegedly acquired “earlier and cheaper than the public.”

JENNER History

JENNER first launched on Solana in May this year through the memecoin platform Pump.fun but quickly became mired in controversy.

Caitlyn Jenner and other prominent figures accused collaborator Sahil Arora of “scamming” them. Following this, she relaunched the token on Ethereum.

JENNER token has lost almost all of its value. | Credit: CoinMarketCap

Since its Ethereum launch, the token has nearly lost all of its value, reaching an all-time low on Nov. 13. Its market cap dropped to $170,000 from a high of almost $7.5 million, with only $1.80 in trading volume over the last day.

As of Nov. 14, JENNER is worth $0.0004547, up 31% from the prior day but down 92% since its launch.