BREAKING NEWS: SEC Attacks Again! They Filed a Lawsuit Against the Company Behind Three Altcoins!

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According to the latest development, the SEC is suing Nova Labs Inc, the company behind Helium(HNT) and three associated altcoins.

Complaint accuses Nova Labs of conducting unregistered sales of investment contracts and making materially false and misleading statements regarding crypto asset offerings and company shares.

According to the SEC's application, Nova Labs has been raising funds from investors since April 2019 through the sale of electronic devices called 'Hotspots' and a reward program known as the Discovery Mapping Program. These programs provide returns in three forms of cryptocurrency associated with Nova Labs:

  • Helium Network Token (HNT)
  • Helium Mobile Network Token (MOBILE)
  • Helium IoT Network Token (IOT)

The SEC alleges that these activities are classified as unregistered securities offerings and violate federal securities regulations that require issuers to disclose important financial and operational details to protect investors.

SEC also alleges that Nova Labs made materially false statements regarding these investment contracts and the company's shares, misleading investors.

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