Investors in the $M3M3 meme coin filed a class action complaint in Manhattan federal court Monday against the group that operates Meteora, alleging that the defendants “covertly” controlled almost the entire supply of the token before and soon after opening trading to the public, cashed out at an inflated price and left the plaintiffs with heavy losses.
Max Burwick of Burwick Law and Margaret Hoppin and Timothy Grinsell of Hoppin Grinsell represent the plaintiffs, Jonathan Clarke and Rodrigo Ferreira Da Cruz Vogt, in their suit against defendants Meteora, its CEO Benjamin Chow and the venture capital firm Kelsier Labs, which is operated by Hayden Davis, Gideon Davis and Charles Davis.