A United States legal firm has filed a class action lawsuit against Pump.fun, according to a Jan. 17 announcement.
The law firm claims the platform caused financial losses for investors who traded the PNUT token. So, its suit seeks to represent all affected individuals who purchased PNUT and suffered damages.
The lawsuit alleges Pump.fun breached securities regulations by failing to register PNUT with the US Securities and Exchange Commission (SEC).
According to the filing:
“Pump.Fun creates an ecosystem where every token, including the PNUT Token, shares identical characteristics that qualify them as securities under federal law.
Pump.Fun’s uniform infrastructure ensures that all tokens, regardless of their nominal creators, are fundamentally controlled and managed by Pump.Fun and the Defendants in a manner that satisfies the elements of the Howey test.”
It further accuses the platform of neglecting essential investor safeguards, such as Know Your Customer (KYC) checks, anti-m
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