The billionaire owner of the Dallas Mavericks basketball team, Mark Cuban, is facing a class action lawsuit initiated by Voyager Digital investors and Mavericks fans for promoting Voyager Digital.
The platform filed for Chapter 11 bankruptcy on July 5, 2022. According to the plaintiffs, Cuban repeatedly promoted Voyager Digital to Maverics fans on various occasions and allegedly took on various occasions and allegedly took advantage of inexperienced basketball fans.
The lawsuit cited Cuban’s “winging words” about Voyager Digital, such as:
“I have been a Voyager customer for a few months now. I love using this platform because it is easy, cheap, fast, and the price is really good. So it is the perfect product for Mavs fans of all ages.”
According to the plaintiffs, Cuban recommends Voyager Digital, which requires no commissions and is generally cheaper than competitors. However, the lawsuit alleges that investors are subject to hidden fees and unreasonably high prices without even knowing it.
The lawsuit also mentions that Voyager Digital CEO Steve Ehrlich also lured Maverics fans into investing in the project. The proof is the words of Ehrlich and Cuban in their speech at the Dallas Mavericks press conference.
While declaring bankruptcy, Ehrlich cited 3ACs debt and bearish market conditions. He also asserted that Chapter 11 bankruptcy was a way for Voyager to maximize recovery and that their team intentionally did so even before Voyager got out of this mess.
