Investors Sue Caitlyn Jenner Over JENNER Memecoin Promotion

Caitlyn Jenner, former Olympic gold medal-winning decathlete, media personality, and newly appointed Secretary of Transportation, faces a lawsuit from investors.

Investors Naeem Azad and Mihai Caluseru filed a complaint in a California federal court on Nov. 13, accusing Jenner of making misleading claims about her JENNER memecoin, which was launched in May 2024 on the Solana blockchain. 

Caitlyn Jenner. Source: Instagram

In the lawsuit, investors claim they lost $56,000 by buying JENNER, which they would not have purchased if not for alleged false claims made by the celebrity. Investors also allege that Jenner failed to register the token with the Securities and Exchange Commission, leading to significant financial losses.

Related: Caitlyn Jenner Debuts With a Proprietary Meme Coin?

The lawsuit further states that investors were not adequately informed about the risks involved in the investment and that Jenner failed to provide essential information.

After its launch, the JENNER memecoin showed extreme volatility, losing over $16 million in market cap within two days. Sahil Arora, a controversial figure who helped Jenner launch the memecoin, allegedly sold a large number of coins, contributing to this volatility.

In response to the drastic price changes, Jenner stated that Sahil has been removed from the project and that JENNER is poised for growth.

However, JENNER has not yet regained its previous value. The token currently trades around $0.000575, down 92% from its all-time high of approximately $0.007 on June 14, 2024.