New Allegations Escalate Dolce & Gabbana NFT Lawsuit
In the ongoing investor lawsuit waged against Dolce & Gabbana (“D&G”) and its partners over their controversial non-fungible token (“NFT”) project, the Italian fashion brand is now facing an additional set of allegations following the recent filing of an amended complaint. According to the newly-filed complaint, which targets Dolce & Gabbana USA Inc., UNXD, Inc., and Bluebear Italia S.R.L. engaged in deliberate fraud, market manipulation, and deceptive practices in connection with the DGFamily NFT project, which he claims was a “fraudulent scheme” from the outset and designed to willfully mislead investors.
In the amended complaint, which was filed in the U.S. District Court of the Southern District of New York on September 25, Brown claims that Dolce & Gabbana USA Inc., UNXD, Inc., and Bluebear Italia S.R.L. (the “defendants”) collaborated to launch and promote NFTs under the “DGFamily” name. And while the core of Brown’s accusations remain the same as those in the initial complaint (namely, he and other investors were allegedly promised exclusive digital wearables, physical clothing, and access to VIP events as part of their purchase that were never delivered), the amended complaint expands on those assertions.
Among other things, Brown asserts that the defendants engaged in a “premeditated scheme” to defraud investors in furtherance of which they “artificially inflated” the value of the “patently worthless” NFTs.
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