Caitlyn Jenner Faces Lawsuit over JENNER Token

Naeem Azad and Mihai Caluseru claim they lost over $56,000 due to false and misleading statements and omissions made by Jenner.

Key Notes

Investors claim Jenner's promotion of the unregistered JENNER meme coin led to $56,000 in collective financial losses.The JENNER token's market value plummeted from $7.5 million to $170,000, with trading volume reaching only $1.80.The lawsuit accuses Jenner of omitting the 3% transaction tax disclosure, allegedly enriching herself while harming investors. 

A group of investors has filed a class-action lawsuit against Caitlyn Jenner, alleging the promotion of the JENNER meme coin as an unregistered security, resulting in substantial financial losses, according to Bloomberg Law. The complaint, submitted to a California federal court on November 13, 2024, claims Jenner and manager Sophia Hutchins misled investors into buying the token without proper legal registration.


 
 
 

British investor Naeem Azad and Romanian investor Mihai Caluseru report losing over $56,000 by purchasing the JENNER token on Ethereum and Solana. They argue their losses stemmed from “false and misleading statements and omissions” by Jenner, which influenced their investment choices.


 
 
 

The suit claims Jenner “willfully failed” to register the JENNER token with the Securities and Exchange Commission (SEC), denying investors critical information needed to evaluate risks. The plaintiffs contend that proper registration would have ensured transparency and protection for investors.


 
 
 

JENNER Token’s Launch and Controversy


 
 
 

The JENNER token launched on the Solana blockchain in May 2024 via the Pump.fun meme coin platform. Shortly after, the project entered turmoil when Jenner and other public figures accused collaborator Sahil Arora of fraud. In response, Jenner shifted the token to the Ethereum blockchain.


 
 
 

Since the transition, the JENNER token has suffered a steep decline. By November 13, 2024, its value hit an all-time low, with market capitalization plummeting from nearly $7.5 million to roughly $170,000. Trading volume also reached a new low, with only $1.80 in daily transactions, as reported by CoinGecko.


 
 
 
 

The lawsuit now contends that Jenner has effectively abandoned the project, halting promotion and leaving investors with substantial losses.


 
 
 
 

“Jenner appears to have all but abandoned the project, no longer actively promotes the memecoin, and has left holders on the hook for serious losses,” the complaint alleged. “It is unlikely these losses can ever be recovered.”


 
 
 
 
 
 
 
 

Shortly after the initial Solana launch, Jenner reportedly promoted specific price and market capitalization targets for the JENNER token. The token’s value plummeted after Sahil Arora, who is not named as a defendant in the lawsuit, sold a significant portion of his holdings. The plaintiffs argue that Jenner had a duty to warn investors about such risks but failed to do so.


 
 
 

Following the Solana token’s collapse, Jenner relaunched the JENNER token on the Ethereum blockchain. The lawsuit claims this move further devalued the original Solana token and introduced a 3% transaction tax on every trade. 


 
 
 

The plaintiffs allege that Jenner did not adequately disclose this tax, which they believe has “enriched Jenner tremendously” at the expense of investors. The plaintiffs assert that Jenner’s actions violated securities laws by using profits from the token to pay for exchange listings and promising token buybacks.



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