Elon Musk’s lawyers plan to dismiss the Dogecoin (DOGE) lawsuit against the billionaire, calling the lawsuit “frivolous”.
In a new court Archiving, the business tycoon’s lawyers say “enough is enough” – that the case against Musk should be “dismissed without prejudice” as the plaintiffs’ case revolves solely around memes posted by Tesla’s CEO.
Furthermore, the lawyers say there would be nothing wrong with promoting DOGE, a memecoin with a market cap of more than $11 billion, and that the plaintiffs’ complaint does not even mention a legal claim.
“Enough is enough. It is high time that this baseless and frivolous action was rejected with prejudice.
The plaintiffs’ fourth attempt to file a securities fraud suit against defendants Tesla, Inc. and Elon Musk — based on nothing more than Mr. Musk’s innocent and often silly tweets about a cryptocurrency called “Dogecoin” (known for its meme depicting a Shibu Inu dog) — doesn’t get any closer to filing a claim than plaintiffs’ three previous attempts.
There is nothing illegal about tweeting messages of support or funny pictures about a cryptocurrency with a market cap of over $11 billion. The plaintiffs’ fanciful, meandering, and often incomprehensible third-amended class action complaint comes nowhere close to filing 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 2023, Musk denied ever having a Dogecoin wallet after the plaintiffs claimed he sold about $124 million worth of the meme asset after the price skyrocketed due to Musk temporarily changing Twitter’s iconic blue bird logo to that of Shiba Inu at the time from DOGE.
Later that month, Evan Spencer, the attorney representing the plaintiffs, attempted to remove Alex Spiro, Musk’s attorney, claiming that he had leaked a private letter between them to the New York Post. The contents of the letter included Spiro attacking Spencer’s credibility as a lawyer.
Last month, Spencer accused Musk and Spiro of using “illegitimate tactics” to discredit his clients and also alleged that the billionaire used his wealth as a “bottomless war chest” to fund an intimidation campaign against them.
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Featured image: Shutterstock/NextMarsMedia