Investors are still looking to hold Kim Kardashian, Floyd Mayweather and other celebrities liable over alleged promotions of EthereumMax without proper disclosure.
The investors' class action lawsuit runs on the premise that the EthereumMax team worked with the celebrities to sell EMAX tokens to investors in what they describe as a"pump-and-dump" scheme.
However, the defendants' motion to dismiss the renewed complaint argues that the theory revolving around celebrities advertising the EMAX tokens to pump its price artificially was already rejected by the court since the tokens do not have any value apart from what the market is willing to pay for. They wrote:
“The Court otherwise dismissed the prior complaint in full due to fundamental flaws. The addition of new claims, Defendants, and over 100 pages of largely irrelevant allegations does not cure the defects.” In addition, the motion suggests that the investors' new theory is that they held onto EMAX due to misrepresentations from the celebrities. However, the motion to dismiss argues that the investors"suffered no injury from merely holding onto the tokens."
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