Caitlyn Jenner Accused of Shilling Unregistered JENNER Memecoin in Class-action Lawsuit

The suit, lodged in California federal court on Nov. 13, alleges that Jenner and her manager, Sophia Hutchins, marketed JENNER as an unregistered security.

Buyers of the JENNER memecoin have filed a class-action lawsuit against Caitlyn Jenner, alleging that the former Olympian promoted the token through “false and misleading statements.”

The suit, filed in California federal court on Nov. 13, claims that Jenner and her manager, Sophia Hutchins, marketed JENNER as an unregistered security, convincing newbie investors in the U.S. and abroad to buy the token.

According to Bloomberg Law, the plaintiffs, Naeem Azad and Mihai Caluseru from the United Kingdom and Romania, collectively lost over $56,000 after buying JENNER tokens on the Ethereum and Solana blockchains.

They claim that they were enticed by Jenner’s promotions and would not have invested if they had accurate information about the token’s risks and registration status with the Securities and Exchange Commission (SEC).

The JENNER token debuted on Solana in May through the memecoin platform Pump.fun, but it quickly ran into controversy.

Jenner and other big-name promoters accused collaborator Sahil Arora of misconduct in a separate incident, and the token was later relaunched on Ethereum.

However, the Ethereum-based JENNER token failed to regain its initial popularity or value, dropping from a high of $7.5 million to just $170,000, with a paltry $1.80 in trading volume on Nov. 13.

The token price did drop following the lawsuit but recovered in a pretty good manner, pumping almost 75% in just 24 hours, marking a stunning change in the market.

The lawsuit claims that Jenner has largely abandoned the project and is no longer actively promoting the memecoin, leaving investors to bear the losses.

The plaintiffs allege that Jenner promised to forgo a relaunch of the token but instead migrated it to Ethereum, adding a 3% transaction fee that they say was not adequately disclosed and enriched Jenner at investors’ expense.

Moreover, the suit contends that Jenner failed to disclose details regarding her holdings, her relationship with Arora, and profits used for exchange listings and promised token buybacks that allegedly never materialized.

The plaintiffs claim damages from securities and common law fraud, among other allegations, as well as aiding and abetting fraud against Hutchins.

Neither Jenner nor her representatives were immediately available for comment.

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