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Elon Musk's lawyer strives for the dismissal of the Dogecoin lawsuit. Plaintiffs accuse Musk of insider trading and manipulating the cryptocurrency Dogecoin, costing them billions of dollars. However, they fail to explain how he is intended to deceive anyone or what risks he was hiding.
Last year, a lawsuit began between several Dogecoin investors against Elon Musk. During this time, the plaintiffs have already amended the claim three times, constantly delaying the decision. Musk's lawyer, Alex Spiro, said on Monday that the lawsuit dragged on for too long. He filed a motion requesting to dismiss the plaintiff's amended complaint in federal court in New York.
Spiro strongly criticized the latest complaint filed on behalf of Dogecoin investors. He called it an example of “abusive and belligerent litigation tactics” from the opposing counsel. “Enough is enough,” Shapiro wrote, according to Benzinga.
The lead attorney in the class-action lawsuit against Musk, Evan Spencer, made amendments to the lawsuit’s complaint for the third time in June. He added additional allegations. The lawsuit, which originally sought $258 billion in damages, accuses Musk of market manipulation, insider trading, and deliberate acts related to Dogecoin.
In April, Musk's lawyers criticized the plaintiffs, saying the investors never explained how Musk intended to deceive anyone or what risks he was hiding. They explained that his words like “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to support a fraud claim. In fact, there is nothing illegal in posting words of support for a legitimate cryptocurrency, they explained.
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk's lawyers said. “This court should put a stop to plaintiffs' fantasy and dismiss the complaint.”
© 2023, Eva Fox | Tesmanian. All rights reserved.
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Article edited by @SmokeyShorts; follow him on Twitter
About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
