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N/A.US
id: 1456
Hawk Tuah ($HAWK) Token Securities Violation Case
E.D. New York
Court1:24-CV-08695
Case number11/26/2024
Class period Start12/05/2024
Class period End02/18/2025
Lead Plaintiff motion deadline- $HAWK investors filed a lawsuit against Tuah The Moon Foundation for misleading buyers by promoting $HAWK tokens as profitable investments while failing to register them as securities.
- On December 4, 2024, $HAWK launched with a market capitalization of $16.69 million, rapidly reaching $491 million before plummeting over 90% within hours.
Case Details:
Between November 26, 2024, and December 5, 2024, the defendants promoted $HAWK as a groundbreaking memecoin combining blockchain technology with mainstream culture. Influencer Haliey Welch, known for her podcast "Talk Tuah," helped attract many first-time cryptocurrency investors.
During its pre-sale, $HAWK raised about $2.8 million through whitelisting and airdrops. When the token launched on the Solana blockchain on December 4, 2024, its market value soared to $491 million within hours.
However, the token’s value crashed shortly after, losing over 90%, leaving many investors who followed Welch’s endorsements with significant losses. The complaint claims $HAWK was marketed as an investment promising profits, classifying it as a security under U.S. law. Despite this, the defendants failed to register the token with the SEC, violating the Securities Act.
Based on these events, $HAWK investors filed a lawsuit against Tuah The Moon Foundation, claiming:
- It misled investors about $HAWK’s potential as a secure and profitable investment.
- It sold unregistered securities in violation of federal securities laws.
Investors believe the defendants misrepresented $HAWK as a safe and lucrative investment.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
12/05/2024
Filing date
12/20/2024
Lead Plaintiff Deadline
02/18/2025