Terra CEO Do Kwon has been sued for allegedly violating securities law and misleading investors.
A man in Illinois, USA, has sued Terraform Labs founder Do Kwon and several VC firms that make up the Luna Foundation Guard (LFG), alleging that the defendants violated federal securities laws and misled investors.
Plaintiff Nick Patterson is requesting that the case have class action status.
Patterson claimed that the defendants violated both California state and federal laws.
LUNA and UST suffered a major crash last month. Terraform Labs’ efforts to return the project were not enough to return investors to the project.
