A group of DOGE investors has finally ended their class-action lawsuit against billionaire Elon Musk which claimed the Tesla CEO manipulated the price of the memecoin back in 2021.
A fourth amended complaint was originally dismissed on Aug. 29. A stipulation dismissing the appeal and both sides' motions was filed on Thursday night in federal court in Manhattan and requires approval by U.S. District Judge Alvin Hellerstein.
"These statements are aspirational and puffery, not factual and susceptible to being falsified. They cannot be the basis of 10b-5 lawsuit." — U.S. District Judge Alvin Hellerstein's dismissal ruling.
Investors accused Musk of using Twitter posts, an appearance on NBC's 'Saturday Night Live' and other stunts to trade dogecoin at their expense. With his frequent tweets, dogecoin shot up in price from under $0.10 to around $0.70 in the summer of 2021. Musk’s defense successfully argued that statements about putting a "literal" dogecoin on the moon were not factual claims reasonable investors could rely upon.