Wolf Popper LLP and Burwick Law have filed a class action complaint on behalf of all investors who purchased non-fungible tokens (“NFTs”) issued by Game of Silks, Inc., including Silks Avatar NFTs, Silks Horse NFTs, and Silks Land NFTs (collectively, the “Securities”). The defendants in this class action litigation are Game of Silks, Inc., Dan Nissanoff, Troy Levy, Ron Luniewski, Derek Cribbs, and Tropical Racing, Inc.
The class action was filed on February 24, 2025, in the United States District Court for the Southern District of Florida. The complaint alleges that the Game of Silks NFTs are securities as defined by the Securities Act of 1933 (“Securities Act”), and that the defendants violated Sections 5 and 12(a)(1) of the Securities Act by selling and soliciting the sale of unregistered securities. The complaint further alleges that the defendants made material misstatements and omissions in violation of Section 12(a)(2) of the Securities Act.
According to the complaint, Game of Silks created a metaverse platform that allowed users to invest in virtual versions of real racehorses, with the promise of earning real money based on the performance of the corresponding real-world horses. The plaintiffs allege that the defendants raised millions of dollars through the sale of these NFTs, promoting them as investment opportunities with the expectation of profits.
The complaint also claims that the individual defendants, including Dan Nissanoff, Troy Levy, Ron Luniewski, and Derek Cribbs, are control persons of Game of Silks and are jointly and severally liable for the company’s violations of the Securities Act under Section 15.
The class action seeks to recover damages on behalf of all purchasers of Game of Silks NFTs. The case is Cantner v. Game of Silks, Inc. et al., pending in the U.S. District Court for the Southern District of Florida.