Attorneys for Dogecoin advocate Elon Musk have filed a fresh motion in a New York federal court seeking the dismissal of investors’ complaints that they allege dragged on for too long. In the 43-page letter, Musk’s legal team, led by Alex Shapiro, argued that the Plaintiffs’ fourth attempt to plead a complaint was based on the defendant’s “silly tweets” on DOGE.
The letter stated that the plaintiffs’ “fanciful, meandering, and frequently incomprehensible Third Amended Class Action Complaint does not come close to stating a claim,” describing the claims as “critically deficient.” “Enough is enough,” Shapiro penned. This is simply another instance of counsel’s aggressive and abusive litigation strategies.
In June, Evan Spencer, the principal lawyer representing Musk in the class-action case, made a third amendment to the complaint, adding new charges. The Tesla CEO was accused of insider trading in a proposed class action complaint by investors, as TronWeekly reported earlier.
According to the complaint, Musk used many Dogecoin wallets that he or Tesla owns to trade profitably at their expense by employing online influencers, appearing on NBC’s Saturday Night Live, and engaging in other “publicity stunts” on Twitter. They claimed that these acts cost investors billions of dollars.
“Dogecoin Rulz” & “No Highs, No Lows, Only Doge” Are Too Ambiguous
Investors also highlighted Musk’s move to change Dogecoin’s look from the then-Twitter’s blue bird emblem, where he reportedly sold $124 million of DOGE in April after a 30% price hike, in the filing with a federal court in Manhattan.
The lawsuit, which initially sought $258 billion in damages, slammed Musk for “a deliberate course of carnival barking, market manipulation, and insider trading” that allowed him to deceive investors and promote himself and his businesses, the filing stated.
At the time, lawyers representing the crypto billionaire and his electric car firm Tesla Inc. termed the lawsuit by disgruntled Doge investors a “fanciful work of fiction” and argued that the investors’ explanations of how Musk intended to deceive anyone or the risks he concealed were insufficient and that his words about “Dogecoin Rulz” and “no highs, no lows, only Doge” were too ambiguous to serve as evidence of fraud.