Gerstein Harrow LLP Announces Securities Class Action

SAN FRANCISCO--(BUSINESS WIRE)--Gerstein Harrow LLP announces that a securities class action, captioned Layer Zero, et. al. v. Pollen Mobile LLC, et al., No. 3:23-cv-4023 (N.D. CA) is pending against Pollen Mobile LLC, Pronto.AI Inc., Anthony Levandowski, and Christian Kurasek. The case is pending in the United States District Court for the Northern District of California.

The Action alleges that Defendants offered and sold PCN tokens, a digital token that is an unregistered security, and then converted those PCN tokens to gift certificates worth ten cents each but that they refused to exchange them for their cash value. The Action asserts claims under the Securities Act of 1933 on behalf of a putative class of persons who purchased Pollen PCN tokens after August 9, 2022 (the “Federal Securities Class”); under California Securities laws on behalf of a putative class of persons who purchased Pollen PCN tokens after August 9, 2021 (the “California Securities Class”); and under California’s Unfair Competition Law and the Federal CARD Act on behalf of a putative class of persons who currently hold PCN tokens (the “Gift Certificate Class’’).

If you purchased PCN since August 9, 2022, either by purchasing equipment from Pollen Mobile PCN and mining tokens or by purchasing PCN from Pollen or from others, you are a member of the proposed “Federal Securities Class.” If you purchased PCN since August 9, 2021, either by purchasing equipment from Pollen Mobile PCN and mining tokens or by purchasing PCN from Pollen or from others, you are a member of the proposed “California Securities Class.” If you currently hold PCN, you are a member of the proposed “Gift Certificate Class.”

A lead plaintiff is a court-appointed representative for members of a class. Lead plaintiff motion papers must be filed with the U.S. District Court for the Northern District of California no later than 60 days after the date on which this notice is published. Should the Court certify a class in the Action, your ability to share in any potential recovery is not dependent upon you serving as lead plaintiff.

A class has not yet been certified in this Action. You are not represented by counsel unless you retain a lawyer. You may retain counsel of your choice.