The US court dismissed the lawsuit alleging that Elon Musk, Tesla and their company Tesla were manipulating the Dogecoin market.
In 2022, a group of DOGE investors who were disgruntled sued Musk. They accused him of orchestrating an inflated price by making public remarks about the memecoin.
Musk’s attorneys have made multiple motions for dismissal of the case, to which the Dogecoin Investors responded with amended complaints.
The back and forth ended last week, when Judge Alvin K. Hellerstein decided to side with Musk’s team of lawyers.
Hellerstein called attention to specific Musk quotes that were highlighted in the lawsuit, stating that he had “failed” to understand how Tesla’s CEO was manipulating the market and facilitating a pump-and dump.
These paragraphs allege that Musk made statements on Twitter to the effect Dogecoin was his favourite currency, and he purchased some for him son. He also claimed that Dogecoin could become the standard currency for global finance and for the internet. Musk even agreed to be Dogecoin CEO. Musk may have put a “literal” Dogecoin into SpaceX to fly to the Moon, Dogecoin will pay for that mission and Tesla cars can be bought using Dogecoin.
They are not facts and can be falsified. These statements represent aspiration and puffery. These statements cannot form the basis for a 10b-5 suit… nor could any reasonable investor rely on them .”
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As new information becomes available, this post US Judge Dismisses Class Action Dogecoin Lawsuit Against Elon Musk & Tesla could be updated.
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