BlockBeats News, April 21st. According to official sources, crypto law firm Burwick Law has filed a federal class action lawsuit in the Southern District of New York Federal Court (SDNY) against AI16Z and ELIZAOS creator Walters and other defendants, accusing them of violating consumer protection laws, false advertising, and unjust enrichment. Legal documents show that the defendants are accused of leveraging the Andreessen Horowitz (a16z) brand reputation to package the project and issuing the AI16Z token on Solana on October 24, 2024, later renamed ELIZAOS. The complaint alleges that the project claimed to have AI agents that could autonomously invest but were actually human-operated, and no revenue was generated during the lawsuit.The lawsuit states that on January 2, 2025, the token reached a historical high of about $2.47, with a market cap exceeding $26 billion, which then crashed due to whale selling. On-chain data shows that the most profitable traders realized profits of approximately $39 million.