SEC Says AI Startup Is Wrong To Call False Statements About Legality Unactionable

(December 12, 2023, 2:53 PM EST) -- ORLANDO, Fla. — An artificial intelligence startup and its founder are incorrect to say the Securities and Exchange Commission’s complaint against them are based on unactionable statements, the SEC says in a Dec. 11 memorandum filed in a federal court in Florida in opposition to the motion to dismiss, saying the complaint sufficiently alleges that the company and its founder lured investors with false promises of early access to profits from an AI “ecosystem.”...