Beleaguered cryptocurrency and fintech firm Yuga Labs will be hit with more legal action in connection with its non-fungible token (NFT) collection, Bored Ape Yacht Club (BAYC), and many other ventures.

On January 30, the global law firm Rosen Law Firm, which specializes in protecting investor rights, made the announcement that it intends to launch a class action lawsuit against Yuga Labs.

Rosen sent an invitation to buyers of Yuga assets, such as BAYC NFTs and the native token ApeCoin (APE), to participate in the class action lawsuit filed against Yuga before the deadline for the lead plaintiff, which was set for December 7. February.

The law firm emphasized that investors in Yuga securities who purchased BAYC and APE between April 23, 2021 and December 8, 2022 may be entitled to compensation without having to pay any additional costs as a result of a fee agreement. of contingency. This compensation could be obtained without the payment of any additional cost.

The new action pursues a host of defendants, one of them being Wylie Aronow, co-founder of Yuga Labs. Aronow has been out of office since January 28, citing health issues as the reason for his absence. In addition, co-founder Greg Solano, BAYC founder billionaire Kerem Atalay and Yuga Labs CEO Nicole Muniz will be named as defendants in the lawsuit, along with several internationally renowned personalities and companies including Madonna, Adidas and MoonPay.

This latest lawsuit is just another effort to hold Yuga Labs accountable for the significant losses that NFT investors who bought BAYC and APE over the past few years have suffered as a result of the company’s actions. After peaking at $312,000 in April 2022, the average transaction value of BAYC NFTs had fallen to below $85,000 by October 2022. At the time of writing, the minimum price for BAYC NFTs BAYC dropped from around 144 ether (ETH), which is equivalent to $226,000, to 64 ether (equivalent to $100,000).

In December 2022, American litigants Adonis Real and Adam Titcher filed a case against Yuga Labs that was largely identical to the one described above. Similar to the Rosen class action lawsuit, the lawsuit named more than 40 individuals and corporations as defendants. Among those named were Madonna, Justin Bieber, Paris Hilton, Snoop Dogg, Jimmy Fallon, Post Malone and several other people.

Prior to this, in June 2022, the law firm Scott+Scott launched a class action lawsuit against Yuga Labs, alleging that the company “improperly encouraged” the community to purchase BAYC NFTs and ApeCoin. The litigation was initiated against Yuga Labs.

Additionally, Yuga Labs, which is based in Miami, has been embroiled in a series of legal battles related to copyright and trademark disputes. Yuga Labs said in its lawsuit that the defendant, artist Ryder Ripps, had misappropriated Yuga Labs’ trademarks to advertise his own NFT collection. The complaint was filed in June and filed in a Los Angeles court. In a subsequent court filing, it was argued that Yuga Labs did not have the proper copyright registration for BAYC.

According to the filing, “Yuga Labs has no registered copyright and, as a result, there is no immediate prospect of a copyright infringement lawsuit.”

Despite the many challenges it has faced, Yuga Labs has been working to expand the reach of its NFT ecosystem. The new Dookey Dash game was released by Yuga Labs on January 18. It is a skill-based minting experience that allows BAYC investors to claim free tokens to compete for the best score and earn additional rewards.