San Francisco-based Constellation Network was hit with an investor class action Tuesday in California Northern District Court in connection with its issuance of two cryptocurrency tokens, the ERC-20 DAG and the Mainnet DAG. Constellation, which raised $33.7 million in a 2018 initial coin offering, specializes in cybersecurity for Big Data sets. The suit, brought by Scott + Scott, accuses the company and its top executives of preventing investors from swapping their ERC-20 tokens and creating confusion between the two classes of tokens. Counsel have not yet appeared for the defendants. The case is 3:21-cv-08869, Morgan et al. v. Constellation Network, Inc. et al.
Cryptocurrency
November 16, 2021, 6:43 PM