Overview
- A California federal judge threw out the securities class action, finding the token failed the Howey Test, which requires a shared project and profits expected from others' efforts.
- The court found no common enterprise among buyers and rejected a theory tied to a 3% transaction fee earmarked for buybacks, marketing, donations to Donald Trump’s campaign, and fractional gold‑medal ownership.
- The judge denied the plaintiff’s bid to file a third amended complaint, closing the federal securities case.
- Lead plaintiff Lee Greenfield of the United Kingdom says he lost more than $40,000 after buying JENNER on Solana and Ethereum in May 2024.
- The token launched on Solana via Pump.fun, peaked near $7.5 million in June 2024, then lost most of its value, highlighting the risks of celebrity‑promoted crypto projects.