TechFlow news, on January 21, according to CryptoDNES, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, accusing it of misleading investors and violating securities laws. The SEC alleges that Nova Labs falsely claimed partnerships with major companies such as Salesforce, Lime, and Nestlé to promote its "hotspot" devices, which mine Helium cryptocurrency via its Helium Network and reward users for sharing data. The lawsuit was filed on January 17 and seeks penalties, disgorgement of allegedly illegal profits, and restrictions on Nova Labs.
Notably, this case comes just days before SEC Chair Gary Gensler's departure. The SEC emphasized that the purported partnerships were fabricated, misleading customers about the real-world adoption of the Helium network.
