U.S. District Court for the Southern District of Florida in Miami. Photo: Michael A. Mora/ALM. OpenSea Faces Class Action Lawsuit in Miami Over NFT Sales
"We're not just suing OpenSea in a class action like other lawsuits that will follow ours; we want to use this litigation to help create the framework of NFTs moving forward," said Adam Moskowitz, the managing partner at the Moskowitz Law Firm.
September 20, 2024 at 12:08 PM
4 minute read
The original version of this story was published on Daily Business Review
What You Need to Know
- The U.S. Securities and Exchange Commission issued a Wells Notice to Ozone Networks Inc. or OpenSea.
- The plaintiffs alleged that OpenSea misled investors that the NFTs sold on its website did not constitute the sale of securities.
- The attorney behind the class action said he has reached out to OpenSea to create a framework for NFT regulation and encouraged others to contribute.
The non-fungible token marketplace OpenSea has been hit with a securities class action in a federal district court in Miami over its alleged scheme to mislead investors that the NFTs sold on its website did not constitute the sale of securities, despite a clear indication from the U.S. Securities and Exchange Commission that they did.
Adam Moskowitz, the managing partner at the Moskowitz Law Firm in Coconut Grove, Florida, is among the attorneys who represent the plaintiffs, Anthony Shnayderman and Itai Bronshtein, on behalf of themselves and all others similarly situated against the defendant, Ozone Networks Inc. or OpenSea.
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