“Importantly, the business changes are designed to address the allegation that the Moments were unregistered securities and improve Dapper’s operations,” said the buyers in a brief supporting the proposed settlement.
Gharegozlou said on X that the settlement involved the firm “reaffirming its commitment to the decentralization of Flow.”
The class is represented by Laurence M. Rosen, Phillip Kim, and Michael Cohen of The Rosen Law Firm PA.
Dapper Labs and Gharegozlou are represented by Kenneth P. Herzinger, Sean D. Unger, and Erin Zatlin of Paul Hastings LLP.
The case is Friel v. Dapper Labs Inc. et al., case number 1:21-cv-05837, in the U.S. District Court for the Southern District of New York.
