The court found that O'Neal's involvement in the Astrals NFT project qualifies him as a 'seller,' successfully soliciting the purchase of its products.
Despite O'Neal's argument that he was not a company officer or director, the court's ruling indicates his marketing role in promoting Astrals was significant.
The class action lawsuit argues that after promoting Astrals during the collapse of FTX, O'Neal disengaged, causing the value of Astrals' financial products to drop.
Although the court dismissed O'Neal as a 'control person,' it did not absolve the allegation that Astrals sold unregistered securities to investors.
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