New Motion Filed by Dogecoin Plaintiffs against Elon Musk Following the Release of a Leaked Letter
DOGE investors have filed a class action lawsuit accusing Elon Musk and Tesla of insider trading and Dogecoin price manipulation. The plaintiffs argue that Musk and his company manipulated the Dogecoin market to sell the token at a higher price, resulting in significant losses for investors. The lawsuit is being represented by Evan Spencer of Evan Spencer Law, while Quinn Emanuel Urquhart & Sullivan and Tesla’s in-house lawyer are representing the defendants.
In a new development, the plaintiffs have filed a motion to disqualify the legal representation for Tesla and Musk. Spencer argued that there is a conflict of interest as Musk allegedly acted alone through his Twitter account, potentially leading to Tesla having a cause of action against him. The motion also referred to a letter from Tesla’s defense lawyer threatening sanctions against Spencer for filing a false amended complaint.
The plaintiffs further accused Tesla’s defense counsel of leaking a June 9 letter to the New York Post, which they claim violated ethics rules and could taint the trial. They are seeking sanctions against Quinn Emanuel for interfering with their client relationships. In response, Tesla’s defense lawyers have called the lawsuit a “fanciful work of fiction” and argued that Musk’s tweets about Dogecoin are harmless and mere puffery.
As of now, Dogecoin’s price is around $0.0647. Tesla, Musk, and Quinn Emanuel have not yet responded to the plaintiffs’ actions.
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