The SEC has filed a lawsuit against Nova Labs, accusing it of misleading investors and violating securities laws.

On January 21st, according to CryptoDNES, the Securities and Exchange Commission (SEC) of the United States has filed a lawsuit against Nova Labs, accusing it of misleading investors and violating securities laws. The SEC accused Nova Labs of falsely claiming to cooperate with large companies such as Salesforce, LIME and Nestle to promote its "hotspot" devices, which mine Helium Cryptocurrency through its Helium Network and reward users for sharing data. The lawsuit was filed on January 17th, aiming to punish, recover the suspected illegal gains and restrict Nova Labs.

It is reported that the case occurred a few days before SEC Chairman Gary Gensler resigned. The SEC emphasized that the claimed partnership was fabricated, misleading customers about the real-world adoption of the Helium network.