On February 26, 2026, a Waymaker team led by partner Teresa Huggins secured the dismissal of two California state securities claims and all common law claims in Los Angeles County Superior Court against our clients, the U.S. subsidiary of a Korean online gaming developer and publisher, its former CEO, and a venture capital fund, who had been accused of violating state securities laws. The alleged violations were based on plaintiffs’ alleged purchase of a cryptocurrency token on a foreign exchange and websites that plaintiffs claimed they accessed in the U.S. The court ordered briefing on two other California state securities claims, alleging control person liability and aiding and abetting. On April 13, 2026, the court granted summary judgment in our clients’ favor on these remaining claims. While summary judgment was pending, plaintiffs moved to amend their complaint to add another California state securities claim. The Waymaker team demurred against the new claim, and the court again agreed with Waymaker, granting the demurrer against the claim just a day after granting summary judgment, constituting an across-the-board victory for Waymaker’s clients. The case is Sunwoo Lee, et al. v. Com2uS USA, Inc., et al. Associates Sam Meehan and Riley Smith also worked on the case.
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