Bloomberg Law
Nov. 3, 2022, 11:09 PM

SafeMoon Crypto Investor Pulls Class Action Fraud Lawsuit

David McAfee
David McAfee
Staff Correspondent

A purchaser of the SafeMoon crypto-token has tentatively dropped his class action lawsuit alleging its creators defrauded investors by artificially inflating the price of the tokens through false statements, according to a Wednesday filing.

Plaintiff Christopher Rackauckas sued SafeMoon LLC in Utah federal court in May, accusing the company of unlawfully selling the tokens by failing to register them as securities with the US Securities and Exchange Commission, costing investors millions of dollars. That lawsuit was the third with similar allegations that was brought against SafeMoon and its corporate leaders.

Rackauckas on Wednesday filed a notice of voluntary dismissal, seeking ...

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