The lawyers of Elon Musk are moving to dismiss the Dogecoin (DOGE) lawsuit against the billionaire, calling the suit “frivolous.”
In a new court filing, the business magnate’s attorneys say that “enough is enough” – that the case against Musk should be “dismissed without prejudice” as the Plaintiffs’ case is centered solely around memes posted by the Tesla CEO.
Furthermore, the lawyers say that there wouldn’t be anything wrong with promoting DOGE, a memecoin with a market cap of over $11 billion and that the Plaintiffs’ complaint doesn’t even state a legal claim.
“Enough is enough. It is well past time for this baseless and frivolous action to be dismissed with prejudice.
Plaintiffs’ fourth attempt to plead a complaint for securities fraud against Defendants Tesla, Inc. and Elon Musk – based on nothing more than Mr. Musk’s innocuous and often silly tweets about a cryptocurrency called “Dogecoin” (known for its meme image of a Shibu Inu dog) – comes no closer to stating a claim than Plaintiffs’ three prior attempts.
There is nothing unlawful about tweeting words of support for, or funny pictures about, a cryptocurrency that holds a market capitalization of over $11 billion. Plaintiffs’ fanciful, meandering, and often incomprehensible third amended class action complaint does not come close to stating a claim.”
Musk was originally sued in June 2022 by a group of disgruntled Dogecoin investors who claim their losses were due to the billionaire manipulating the price of the digital asset.
In June of 2023, Musk denied ever owning a Dogecoin wallet after the Plaintiffs made a claim that he sold about $124 million worth of the meme asset after its price skyrocketed due to Musk at the time changing temporarily changing Twitter’s iconic blue bird logo to that of DOGE’s Shiba Inu.
Later that month, Evan Spencer, the lawyer representing the plaintiffs, attempted to remove Alex Spiro, Musk’s legal counsel, alleging that he leaked a private letter between them to the New York Post. The contents of the letter included Spiro attacking Spencer’s credibility as an attorney.
Last month, Spencer accused Musk and Spiro of using “unlawful tactics” to discredit his clients and also alleged that the billionaire was using his wealth as a “bottomless war chest” to fund a harassment campaign against them.
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