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Helium Issuer Nova Labs Settles with SEC for $200K Over Alleged Investor Misleading
Helium Issuer Nova Labs Settles with SEC for $200K Over Alleged Investor Misleading
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Nova Labs, the company behind the Helium blockchain, has agreed to pay a $200,000 fine to settle securities fraud charges brought by the U.S. Securities and Exchange Commission (SEC). The SEC accused Nova Labs of misleading institutional investors during a funding round from late 2021 to early 2022, where it raised $200 million at a $1 billion valuation. The regulator alleged that Nova Labs lied to prospective investors about partnerships with big-name enterprise customers, including Nestle, Salesforce, and Lime, who were purportedly using the Helium technology. Nova Labs neither admitted nor denied any wrongdoing in settling the case.
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