Dentons Defends Cryptocurrency Firm Constellation Network in Proposed Investor Class Action Over Token Swap Confusion
This suit was surfaced by Law.com Radar. Read the complaint here.
December 15, 2021 at 01:24 PM
1 minute read
Financial Services and Banking
Dentons partner Joel D. Siegel has entered an appearance for San Francisco-based Constellation Network in a pending investor class action over its issuance of two cryptocurrency tokens, the ERC-20 DAG and the Mainnet DAG. The action, filed Nov. 16 in California Northern District Court by Scott + Scott, accuses the company and its top executives of preventing investors from swapping their ERC-20 tokens and creating confusion between the two classes of tokens. Constellation, which raised $33.7 million in a 2018 initial coin offering, specializes in cybersecurity for Big Data sets. The case, assigned to U.S. District Judge Jeffrey S. White, is 4:21-cv-08869, Morgan et al v. Constellation Network, Inc. et al.
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