Terra Labs, Do Kwon, and several LFG firms have been sued over allegedly violating federal securities laws and misleading investors

An Illinois resident sued Terraform Labs, its founder Do Kwon and several VC firms that make up the Luna Foundation Guard (LFG) on claims that that the defendants violated federal securities laws and misled investors. The plaintiff, Nick Patterson, filed a lawsuit seeking class action status on Friday in the Northern District of California in the hopes of recouping losses and any injunctive or punitive fees from a jury trial.