Kayne West sues Amazon.com, Inc. (NASDAQ:AMZN)

Posted by admin January 15, 2014 0 Comment 2295 views

World’s largest online retailer Amazon.com, Inc. (NASDAQ:AMZN) has got into a legal fight with Hollywood “trendsetter” Kayne West. Yes, you heard it right, recently American hiphop artist sued Amazon over cryptocurrency.

Recently, there were media reports that talked about the cryptocurrency, ‘Coinye West’, named after Kayne West. Even though West’s lawyers sent a letter to stop the launch of this digital currency, Coinye West was launched four days earlier than planned. However, the names of its creators are not known, but they named the coin after him as they believed West is a “trendsetter.”

But it seems the compliment didn’t go too well with Kayne and he decided to file a lawsuit, and Amazon.com has been one of the defendants. Amazon.com was identified for giving web hosting support for digital currency sites Coinyeco.in and Coinyewest.com. However, as of Tuesday evening Coinyewest.com seems to have been deactivated.

West’s lawyers note that “Coinye” may confuse users, thinking that Kayne West had something to do with it.  About 50 other unidentified plaintiffs were cited in the lawsuit, including servers, web host companies, cryptocurrency exchanges, etc.

Moving to some good news for Amazon investors

Year 2013 remained one of the successful years for Amazon.com Inc. The company has even jumped from Zacks Rank #5 last year to an impressive Zacks Rank #1 with a “strong buy”. While, Amazon closed the year 2013 with a bang, the Year 2014 is expected to be even better for the Kindle maker. According to analysts, the company’s earnings growth is expected to jump to 233% this year, as compared to earnings growth of 167% in 2013. The company is expected to report its quarterly earnings during the first week of February.

Amazon.com, Inc. (NASDAQ:AMZN), which also runs a publishing division and makes and sells Kindle tablets, hopes to get the most out of this year. But, only time what 2014 holds for Amazon, as the year has already started with a lawsuit.

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