In a legal maneuver, Elon Musk and Tesla have launched a counterattack against Evan Spencer, the lawyer representing the plaintiffs in the Dogecoin lawsuit. The tech billionaire and his company have filed a motion for Rule 11 sanctions against Spencer, alleging that he knew his case was based on a false premise before filing the claims.
The recent court filing by Musk and Tesla comes after Spencer filed an amended complaint on behalf of the plaintiffs, accusing Musk of manipulating the price of Dogecoin for personal gains. The amended complaint claimed that Musk dumped DOGE after promoting it on Twitter. However, the latest filing by Musk’s legal team argues that the wallets mentioned in the amended complaint do not belong to Tesla or Musk.
According to the filing, Musk and Tesla assert that Spencer was aware of this fact before submitting the amended complaint, which also included allegations of insider trading. They are urging the overseeing judge to dismiss the amended complaint and impose sanctions on Spencer.
Following the news of the motion for sanctions, Dogecoin experienced a decline of over 7% in value. At the time of writing, the meme token was trading at $0.0699.
This latest move represents an offensive strategy by Musk and Tesla to challenge the claims made by the Dogecoin plaintiffs and their lawyer. The legal battle between the parties continues to unfold, with both sides vigorously defending their positions. The outcome of the lawsuit will likely have significant implications for the future of Dogecoin and the role of influencers in the cryptocurrency market.
