Cases & Investigations
Pump.Fun memecoin

Wolf Popper LLP and Burwick Law filed a class action complaint on behalf of a Class of all investors who purchased cryptocurrency memecoins or tokens that were issued by, promoted by, or sold by the defendants through Pump.Fun, or for which the defendants solicited the sale of through Pump.Fun (collectively, the “Tokens”).  Wolf Popper LLP and Burwick Law also filed a class action in a related case specifically on behalf of investors who purchased the $PNUT Token on Pump.Fun. The defendants in both class action litigations are Baton Corporation Ltd., d/b/a Pump.Fun, Alon Cohen, Dylan Kerler, and Noah Bernhard Hugo Tweedale.
 
The $PNUT class action was filed on January 16, 2025 in the United States District Court for the Southern District of New York. The $PNUT class action complaint alleges that the Pump.Fun website, which is owned and operated by defendant Baton Corporation Ltd., allows users to create and issue their own memecoins, and that because of the standardized process and controls for, and characteristics of, the memecoins put in place by Pump.Fun, all memecoins issued by Pump.Fun are securities as defined by the Securities Act of 1933. The Complaint further alleges that the PNUT Token, which was first sold by Pump.Fun on October 31, 2024, is a security as defined by the Securities Act, a registration statement for the PNUT Token was never filed with the U.S. Securitas and Exchange Commission (“SEC”), and that the Baton Corporation violated Sections 5 and 12(a)(1) of the Securities Act by selling and soliciting the sale of unregistered PNUT Token securities. The complaint further alleges that the defendants Cohen, Kerler, and Tweedale are control persons of Baton Corporation and are jointly and severally liable for Baton Corporation’s violations of the Securities Act.
 
The $PNUT class action seeks to recover damages on behalf of all purchasers of PNUT tokens.  The case is Carnahan v. Baton Corporation Ltd. D/B/A Pump.Fun et al., No. 1:25-cv-00490, pending in the U.S. District Court for the Southern District of New York.
 
The Token class action was filed on January 30, 2025 in the United States District Court for the Southern District of New York. The Token class action complaint alleges that Pump.Fun, its founders, and other participants operated a scheme involving the promotion and sale of cryptocurrency tokens through the Pump.Fun platform. The complaint alleges that certain participants received information about tokens before their public promotion, acquired positions before the tokens were promoted to retail investors, and then sold their holdings into the demand generated by those promotions, resulting in losses to investors who purchased the tokens. The complaint alleges that the enterprise involved fraudulent promotional practices and other unlawful conduct, including wire fraud, illegal gambling, and the operation of an unlicensed money transmitting business.
 
In an order issued on August 31, 2026, Judge Colleen McMahon allowed the RICO claims against Baton Corporation and its founders to proceed. The Court found that the complaint plausibly alleges that Baton, its founders, and 25 unidentified promoters worked together to profit from the alleged scheme, and that Baton and its founders helped operate the group through the Pump.Fun platform.
 
The Token class action seeks to recover damages on behalf of all purchasers of the Tokens.  The case is Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun et al., No. 1:25-cv-00880, pending in the U.S. District Court for the Southern District of New York. 
 
If you believe you have suffered damages from the purchase of the PNUT token, please contact https://www.burwick.law/newclient.

• Phone: Chet B. Waldman – 212-451-9624
• Phone: Joshua W. Ruthizer – (212) 451-9668
• Phone: Terrence Zhang – 212-451-9663
• Email: Outreach@wolfpopper.com
• New Client SignUps: https://www.burwick.law/newclient
• Contact Us Now