Caitlyn Jenner memecoin buyers to regroup after judge tosses suit

In all, Judge Blumenfeld dismissed a further eight claims the class group brought in an amended complaint filed in February, which included accusations that Jenner and Hutchins either made misleading statements, sold unregistered securities, or committed various fraud.

Judge Blumenfeld said the suit failed to allege that Jenner sold the token through a prospectus that contained an untrue statement, as “Greenfield admits that the $JENNER tokens were not sold through a prospectus.”

The court also tossed a common-law fraud accusation, saying the complaint alleged omitted information and noted various X posts by Jenner “stating that she would continue to support the tokens,” but it did not identify which of the statements related to the fraud claim.

The group also accused Hutchins of aiding and abetting Jenners allegedly fraudulent conduct, but Judge Blumenfeld said that claim failed as the complaint “does not adequately allege any viable fraud claim.”

In a footnote, Judge Blumenfeld said Jenner and the class group disputed whether the JENNER token was a security, but he was not going to decide at this stage as the “securities claims fail on other grounds.”

“Because the determination of whether the tokens are securities is fact-dependent and may be affected by an amended pleading, the Court declines to resolve that issue at this stage and instead assumes without deciding that the tokens are securities subject to the federal securities laws,” he wrote.

JENNER first launched in May 2024 via Pump.fun on the Solana blockchain but was soon embroiled in controversy after Jenner and other memecoin launching celebrities claimed collaborator Sahil Arora scammed them.

Jenner relaunched the token on Ethereum, which the class group claimed tanked the value of the original Solana token, but gave Jenner the benefit of collecting a 3% fee on every transaction.

JENNER has lost essentially all its value since launch. CoinGecko shows its market value has crashed to around $58,775 from a June 3 peak of nearly $7.5 million. The token has seen just $61.10 worth of trading volume over the last day.