Burwick Law and Wolf Popper LLP have filed a federal class action lawsuit against Pump.fun, a Solana-based memecoin platform, on behalf of investors who suffered losses. The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges that Pump.fun engaged in pump-and-dump schemes, failed to implement adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, and marketed to minors. The platform is accused of distributing unregistered securities, including the Peanut the Squirrel (PNUT) token, and generating nearly half a billion dollars in fees. The complaint, led by plaintiff Kendall Carnahan, claims that Pump.fun's operations put investors at high financial risk by not registering with the U.S. Securities and Exchange Commission (SEC). The lawsuit also criticizes the platform for promoting tokens that exploit hate speech, violence, and other unethical practices to generate trading volume. Pump.fun has created over 6 million tokens, accounting for 71% of new tokens launched on Solana, and has generated $420 million in revenue through transaction fees. The platform's centralized control over token marketing and lack of age verification are highlighted as significant issues.