A new development has emerged regarding CEA Industries (BNC), a $BNB treasury company funded by YZi Labs, the investment arm of Binance, the world’s largest cryptocurrency exchange.
So, an investor filed a lawsuit against CEA Industries, a company focused on $BNBfollowing allegations that it was a shell company.
According to The Block, an investor has filed a lawsuit against CEA Industries, a Nasdaq-listed company focused on $BNBalleging that the company operates as a ghost corporation with lax governance.
In this context, plaintiff Abraham Gomez sued CEA Industries and CEA executive and co-founder of 10X Capital, Hans Thomas.
Gomez alleged in her lawsuit that when she visited the CEA offices, she was unable to find any key executives or operational personnel, and could not even find a working website.
The lawsuit follows a previous governance dispute between YZi Labs and the CEA board of directors. YZi Labs said the allegations reinforce concerns it has expressed for months about the company’s governance and its relationship with 10X Capital, which manages the treasury for CEA’s digital assets.
As you may recall, YZi Labs (formerly Binance Labs) announced in February that it believed 10X Capital and its affiliates had violated disclosure rules regarding their shares in BNC.
*This does not constitute investment advice.
