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Home»ETHEREUM NEWS»HELIUM publisher Nova Labs agrees to pay SEC $ 200k to solve the charges of lying to investors about brand partnerships.
ETHEREUM NEWS

HELIUM publisher Nova Labs agrees to pay SEC $ 200k to solve the charges of lying to investors about brand partnerships.

By Crypto FlexsApril 10, 20253 Mins Read
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HELIUM publisher Nova Labs agrees to pay SEC $ 200k to solve the charges of lying to investors about brand partnerships.
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Nova Labs, a parent company behind the helium block chain, agreed to pay $ 200,000 in the US Securities and Exchange Commission (SEC) to solve the civil securities fraud submitted by the regulator in January.

NOVA LABS agreed to resolve the misunderstanding of institutional investors during the financing period from the late 2021 to the early 2022 without admitting or rejecting the mistake, and raised $ 200 million in fresh capital with a $ 1 billion evaluation. The SEC accused Nova Labs lying to potential investors for a number of large enterprise customers, including Nestle, Salesforce and Lime.

The SEC accused Nova Labs that it has repeatedly exaggerated the characteristics of the relationship with these three companies to secure investment, and promoted it as “user” of customers and technology. According to the complaints, the actual contact with the Lime, Salesforce, and Nestle of Nova Labs was limited before the release of helium networks in mid -2019 and occurred mainly.

For example, according to the SEC, the relationship between Neva Labs and Neva Labs and Neva Labs was a small test for some of the company’s component hardware in the water delivery business in 2018 before NOVA LABS was encrypted. The relationship with SCOOR COMPANY LIME was limited to two direct demonstrations on the component hardware of NOVA LABS to the audience of two Lime employees who left the company in early 2019 in early 2019, SEC said.

According to the SEC, NESTLE and LIME eventually sent a serious injury order by Nova Labs.

As part of a payment contract with NOVA LABS, the regulatory authorities said that the SET was estimated in January with the SET in January, and the helium mobile network token (mobile) and helium mobile network token, helium mobile network token (mobile) and helium IoT We agreed to withdraw two different arguments that the company violated the Federal Securities Law, including three tokens sales of network tokens. This claim was withdrawn by prejudice, which means that the SEC is forbidden to bring the future events according to the same claim.

NOVA LABS called “the main victory of helium and people’s networks” in a Thursday blog post.

The blog post said, “Through this dismissal we can now say that the distribution of HNT, IoT, and mobile tokens through all compatible helium hotspots and helium networks is not securities.” Prove. “

The blog posts did not mention $ 200,000 agreement or the claim that Nova Labs misunderstood investors.

Sarah Abert, the chief lawyer of Nova Labs, told Coindesk, while the agreement agreement prohibits the company to admit or reject the claim, while the agreement agreement can be used publicly.

The agreement agreement submitted to the southern New York area (SDNY) on Thursday must be approved by the federal judge.

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