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Zigler Law Group Files Securities Class Action Against Foundation, LGBCoin, Ltd, James Koutoulas, Patrick Hors

CHICAGO , May 26 /Businesswire/ - Zigler Law Group, LLC, a national class action firm announced today that it has filed a class action lawsuit against Foundation and LGBCoin, Ltd, James Koutoulas, Patrick Horsman, and the National Association for Stock Car Auto Racing.

The action, which was filed in the U.S. District Court for the Middle District of Florida and captioned De Ford et. al. v. Koutoulas et al., Case No. 6:22-cv-652, asserts claims under § 12(a)(1) of the Securities Act of 1933 (the "Securities Act") and under §517.07 of the Florida Securities and Investment Protection Act for the sale of unregistered securities, as well as other Florida State law claims (including conspiracy, unjust enrichment, negligent misrepresentation, and promissory estoppel), on behalf of investors who purchased the LGBCoin unregistered securities, which were sold as LGBCoins on various cryptocurrency exchanges from November 2, 2021 through March 15, 2022 inclusive (the "Class Period"), and who were damaged thereby.

The complaint alleges that Foundation, LGBCoin, Ltd, Koutoulas, and Horsman sought to capitalize on the publicity surrounding the "Let's Go Brandon" chant and conspired to violate provisions of the Securities Act and its Florida State law analog by selling the unregistered LGBCoins. Further the complaint alleges that Koutoulas and Horsman (and their agents) solicited sales of LGBCoins by making false and misleading statements concerning NASCAR's approval of the LGBCoin sponsorship of Brandon Brown, the digital asset's growth prospects, and financial benefits for LGBCoin investors, as well as using celebrity promoters to lure in unsuspecting investors so that Koutoulas, Horsman, and other insiders could sell the unregistered LGBCoin securities in violation of federal and state securities laws.

On January 5, 2022, NASCAR announced it would not approve LGBCoin's sponsorship of NASCAR driver Brandon Brown. In the wake of this news, the price of LGBCoin fell to Class Period lows.

Lead Plaintiff Deadline

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain a member of the proposed class.

What You Can Do

If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact Plaintiffs' counsel, Aaron Zigler of Zigler Law Group, at (312) 673-8427 or via email at

About Zigler Law Group, LLC

Zigler Law Group attorneys have successfully litigated countless complex cases across multiple industries including consumer fraud, securities fraud, breach of contract, breach of warranty, breach of fiduciary duties, and wage and hour violations, among others. Our experience litigating some of the nation's biggest cases enables us to quickly implement time-tested strategies and gives us the wisdom to know when only a novel approach will do.

STORY TAGS: Lawsuit, Florida, Illinois, Class Action Lawsuit, Professional Services, Legal, United States, North America,


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