Celsius offered 'unregistered securities' and deceived customers, per recent class action lawsuit Celsiusnetwork CEL DeFi CelArmy Crypto
lawsuit has been filed against the Celsius entity, its CEO Alexander Mashinsky and its executive directors Shlomi Leon, David Base and Alan Jeffrey Carr, in the United States District Court of New Jersey. It was filed by leading U.S. law firm Bragar Eagel & Squire, P.C., on behalf of all investors who acquired CEL tokens between Feb. 9, 2018, and July 13, 2022.
The class action alleges that Celsius, a financial services company, generates revenue through cryptocurrency trading, lending and borrowing; the sale of its unregistered securities and engaging in proprietary trading. The complaint refers to Celsius' native asset as"securities." In the wake of the June Crisis and Celsius suspending its investors' accounts, it cited that"The price of CEL Tokens plummeted from a peak of $7.73 on June 3, 2021, to a low of $0.28 just over a year later."
The complaint also alleges that Celsius and its affiliates, along with the individual defendants, also violated provisions of the Securities Act by selling nonexempt securities without registering them.
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