Universal Navigation Inc. d/b/a Uniswap Labs

  • Active

Investigation
04/04/2021

Initial Lawsuit
04/04/2022

Lawsuit Progression
07/29/2022

Investigation

  • Proposed Claim
    Securities Violation

Investors investigation focusing on Uniswap’s offers and sales of tokens on the Uniswap Protocol without registering as a national securities exchange or as a broker-dealer.

Main Event

WSJ Reports SEC Probe

09/03/2021

News Outlets

The Wall Street Journal (WSJ) reports that the U.S. Securities and Exchange Commission (SEC) is investigating the startup behind Uniswap.

“Regulators are examining Uniswap Labs, the main developer of the world’s largest decentralized exchange, called Uniswap, the people said. Enforcement attorneys are seeking information about how investors use Uniswap and how it is marketed, the people said.”

See more on Factual Timeline

Initial Lawsuit

First Complaint - 04/04/2022

From April 5, 2021 through the present, Uniswap has offered and sold unregistered securities, including EthereumMax, Bezoge Earth, Matrix Samurai, Alphawolf Finance, Rocket Bunny, and BoomBaby.io (tokens), throughout the United States on its exchange the “Uniswap Protocol”, without registering as a national securities exchange or as a broker-dealer, and without there being any registration statements in effect for the tokens it was selling, all in violation of applicable law.

  • Filing Date
    04/04/2022
  • Class Period
    04/05/2021 to 04/04/2022
  • Transgression
    Securities Violation
  • Filing Firms
    Barton LLP
    Kim & Serritella LLP
  • Case Title
    Risley v. Universal Navigation Inc. dba Uniswap Labs et al
  • Docket Number
    1:22-cv-02780
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

(i) Uniswap failed to register as an exchange or broker-dealer, even as it solicited, offered, and sold tokens without filing any registration statements, in open violation of the federal securities laws.
(ii) Defendants Adams, Paradigm, Andreesen, and USV, (owners) separately or together participated in, and/or aided and abetted (1) Uniswap’s failure to register as an exchange or broker-dealer, (2) Uniswap’s offer and sale of securities on an unregistered exchange and operation as an unregistered broker-dealer, and (3) Uniswap’s solicitation of securities.

Defendants

  • Company
    Universal Navigation Inc. d/b/a Uniswap Labs
  • Chief Executive Officer
    Hayden Z. Adams
  • Owner
    Paradigm Operations LP
  • Owner
    AH Capital Management, L.L.C. d/b/a Andreessen Horowitz
  • Owner
    Union Square Ventures, LLC

Lawsuit progression

  • Docket Number
    1:22-cv-02780
  • Court
    New York Southern District Court

Lead Counsel

07/29/2022

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Kim & Serritella LLP
    Barton LLP
  • Lead Plaintiff
    Group of Individuals
  • Free File
    Order for lead

Factual Timeline

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