US law firm Bragar Eagel & Squire, P.C. has just filed a class action lawsuit in New Jersey County Court against crypto lending platform Celsius Network.
According to the press release, the defendants include Celsius Lending LLC, Celsius KeyFi LLC and the company's CEO, Alex Mashinsky.
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The attorneys claim they have violated provisions of the Exchange Act and misled investors about "their financial products."
According to the company:
"The price of CEL Tokens went from a high of $7.73 on June 3, 2021, to a low of $0.28 just over a year later on June 12, 2021. Celsius and its affiliates, along with the Individual Defendants, also violated provisions of the Securities Act by selling non-exempt securities without registering it."
It should be noted the attorneys represent the interests of individuals and entities that have invested in Celsius.
Last June 13, the platform suspended withdrawals, exchanges and transfers between accounts.