Do Kwon and TerraForm Lab’s legal woes continue to increase as Rosen Law Firm calls on Terra investors to secure a lead plaintiff before the deadline.
Rosen Law Firm has urged Terra ecosystem token investors to secure a lead plaintiff before the deadline in a securities class action filed against TerraForm Labs (TFL) and its founder, Do Kwon.
In a press release published yesterday, Rosen Law Firm stressed that there is a need for Terra ecosystem tokens’ investors to get a lead plaintiff for the case before the August 19, 2022 deadline. The lead plaintiff, also known as the class representative, is a person who represents everyone that suffered similar losses in a class-action lawsuit.
The class action has already been filed, and Rosen is seeking to compensate investors who purchased Terra ecosystem tokens between May 20, 2021, and May 25, 2022.
“A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 19, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation,” the announcement stated.
Victims of the Terra ecosystem collapse seeking to join the lawsuit are required to contact Rosen via the company’s email, website, or phone number.
Notably, victims of the Terra ecosystem collapse are advised to select a lead plaintiff with huge success rates in various leadership roles.
“Be wise in selecting counsel,” Rosen added.
Rosen’s Achievement in Securities Class Action
Rosen Law Firm has been representing clients across the globe, with its main focus being on securities class actions. The company ranked first in the ISS Securities Class Action Service for engaging in the highest number of securities class action settlements in 2017.
Additionally, since 2013, Rosen has been ranked among the top 4 law firms involved in a series of securities class actions.
So far, the company has helped its clients recover hundreds of millions of dollars. Rosen noted that it recovered a whopping $438 million for investors in 2019 alone.
“Many of these firms do not handle securities class actions but are merely middlemen that refer clients or partner with law firms that litigate the cases,” it added.
Rosen’s class action against TFL and other individual defendants, including Jump Capital and Three Arrow Capital, is centered on securities law violations.
Terra’s Legal Woes Heightens
The legal firm accused TFL and individual investors of deceiving retail investors through their offerings, which plunged many into huge losses.
The development further mounts legal pressure on TFL and individual defendants. As reported by TheCryptoBasic, Scott+Scott Attorney also charged Kwon, TFL, and 3AC for plunging investors into massive losses.