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id: 258, Created by Mr Cryptoinspector, Scout
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Solana Labs employed an unscrupulous business approach, starting from its first public sale of SOL tokens held in March 2020, particularly:
- The Company did not register the SOL token with the SEC nor did the Company seek an exemption from registering the SOL tokens as securities.
- Solana and its insiders used misleading marketing and promotions to inflate the price of the SOL token by misrepresenting the growth prospects for investors.
- The company's leaders made deliberately misleading statements concerning the total circulating supply of SOL securities. Even Solana's founder admitted that the Company did not disclose full information about some deals to the public, including its size and nature.
- The Company and its insiders effectively “pulled the rug” on retail investors, leaving them with tokens that had lost more than 80% from the price high in November 2021.
As a result of the alleged adverse actions and omissions of Solana Labs Investors who purchased SOL tokens have been seriously damaged and insiders made enormous profits in violation of the registration provisions of federal and state securities laws.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
09 September 2022