Defendants made false and misleading statements regarding the largest Terra ecosystem digital assets by market cap, UST and LUNA.

NASHVILLE, TENNESSEE, UNITED STATES, July 1, 2022 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, announces class action lawsuit was filed by investors who suffered significant loses in TerraUSD stable coins known as "Terra Tokens" against Defendants TerraForm Labs Pte. Ltd (“TFL”), Jump Crypto, Jump Trading LLC, Republic Capital, Republic Maximal LLC, Tribe Capital, DeFinance Capital, DeFinance Technologies, GSR/GSR Market Limited, Three Arrows Capital Pte. Ltd, TFL’s co-founder and Chief Executive Officer, Do Kwon, and its Head of Research, Nicholas Platias. The action, which was filed in the U.S. District Court for the Northern District of California and captioned Patterson v. TerraForm Labs Pte Ltd. Et al., Case No. 3:22-cv-03600, asserts claims under §§5, 12(a)(1), and 15 of the Securities Act of 1933 (the “Securities Act”), as well as under §§10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased so-called Terra Tokens from May 20, 2021 to May 25, 2022 inclusive (the “Class Period”), and who were damaged thereby.

If you suffered significant losses in Terra Tokens click here.

Allegations in the Terraform Labs Class Action Lawsuit

TFL is a company that operates the Terra blockchain and its related protocol, which hosts, supports, and funds a community of decentralized financial applications and products known collectively as the Terra ecosystem. Plaintiffs allege that even though Terra Tokens have all the hallmarks of an investment contract, and thus a security, no registrations statements have ever been filed with the U.S. Securities and Exchange Commission with respect to the various Terra Tokens. In addition to alleging the sell of unregistered securities, the Terraform Labs class action lawsuit also alleges Defendants made false and misleading statements regarding the largest Terra ecosystem digital assets by market cap, UST and LUNA, in order to induce the plaintiffs and other investors into purchasing these digital assets at inflated rates.

TFL repeatedly touted and promoted the stability of UST and LUNA and the sustainability of the Anchor Protocol, a type of high-yield savings account where investors can "stake" or deposit UST with TFL in exchange for a guaranteed 20% APY interest rate. However, between May 6, 2022 and May 9, 2022 structural infirmities specific to the Terra ecosystem exposed a crack in UST's ability to maintain its pet to $1. The truth, according to the Terraform Labs class action lawsuit, regarding the stability and sustainability of the UST/LUNA pair and the Anchor Protocol could not be hidden any longer from investors, and withing a week, the price of UST and LUNA collapsed by approximately 91% and 99.7%, respectively, as investors suffered significant losses in Terra Tokens.

Purcaseres of Terra Tokens with Significant Losses Urged to Contact the Firm

If you purchased Terra Tokens and suffered significant losses, click here. If you have questions about this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell^® and ALM as a 2022 Top Ranked Lawyer and a 2022 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
109 Summit Ridge Ct.
Nashville, TN 37215
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.classactionlawyertn.com

SOURCE: The Law Offices of Timothy L. Miles

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