Investors who participated in FLiK’s first coin offering (ICO) in 2017 rejected artist Kevin Hart’s offer to dismiss the $ 7 million lawsuit..
The 25 investors claim to have lost more than $ 2 million in total As a result of Hart’s advertising, rapper ‘T.I.’ and FLiK manager Ryan Felton for unregistered securities for an ICO that ultimately failed.
ICO investors battle for lawsuit against Kevin Hart to continue
In his opposition The plaintiffs argued that the FLiK ICO “relied on” celebrity support to raise the bar and take advantage of the offer.
Investors They state that they “have sufficiently demonstrated that Mr. Hart was generally aware of his role in the plaAt least he was not ruthless in giving his 50,000,000 followers an unregistered farce. “
The plaintiffs They argue that Hart’s guarantee “increased the price of the under-traded security”, As a result, the token price rose 400% from $ 0.06 to $ 0.30 between August and October 2017 in preparation for the company’s ICO.
However, prices would drop 73% the following year as the token sale failed and fell to $ 0.08 in September 2018.
Hardly accused of materially supporting FLiK
In October 2018, the 25 investors filed a $ 5 million lawsuit against T.I. and Ryan Felton, who claimed to have been cheated for misrepresentation and celebrity support, buying unregistered securities that are now worthless.
The plaintiffs have amended their class action lawsuit to include $ 7 million lawsuits against Kevin Hart in May 2019.and investors accused the artist of being instrumental in the fraudulent token sale.
In September 2017, Hart published a photo of him with T.I. on Facebook along with a caption which said:
“I’m going to tell him [a T.I.] How much help do you need to spend all the money you earn in your new business? But seriously, I’m super excited for T.I. and FLiK. You will destroy him! #ICO #blockchain #crypto #bitcoin. “
The charge against T. I. is dismissed.
On March 3, 2020, the fees for ICO-related securities fraud were reducedand the district judge of the United States, Charles Pannell decided that the plaintiffs had found no concrete evidence of violations.
“The applicants confined themselves to asserting this [T.I.] He encouraged his Twitter followers to visit the FLiK ICO website, “said Judge Pannell.” You have made no statement from Harris about the value of FLiK tokens. “
In your request for an early sentence earlier this month Hart argued that the allegations of fraud against him were “worn out” and had less earnings than those now against T.I.