Tinder’s 2 billion dollar Lawsuit
IAC and Match group being sued for duplication of the financial data to downplay Tinder’s valuation.
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Tinder founder has filed a lawsuit against Parent companies, Match group & IAC for the manipulation of the financial data.
Controlling shareholder of Tinder, IAC and Match group being sued for duplication of the financial data to downplay Tinder’s valuation.
The complainants who filed the case were Tinder’s co-founders Sean Rad, Justin Mateen and Jonathan Badeen. James Kim, the company’s Vice President of Finance and Rosette Pambakian, Vice President of Marketing and Communications.
The plead given by them was to create “a fake lowball valuation” and then duplicate the data.
The lawsuit filed by Tinder has also asked Tinder to remove Sean Rad as CEO, as well as other management changes, as moves designed “to allow Defendants to control the valuation of Tinder and deprive Tinder option holders of their right to participate in the company’s future success.”
The lawsuit also stated that Greg Blatt, the Match CEO who became CEO of Tinder, had sexually harassed Rosette Pambakian in 2016 at holiday party which was later covered by the company to keep up with their reputation.
“Compensatory damages in an amount to be determined at trial, but not less than $2,000,000,000.” Asked by the complainants.
“We were always concerned about IAC’s reputation for ignoring their contractual commitments and acting like the rules don’t apply to them. But we never imagined the lengths they would go to cheat all the people who built Tinder. The Tinder team — especially the plaintiffs who are currently senior leaders at the company — have shown tremendous strength in exposing IAC/Match’s systematic violation of employees’ rights.” Stated by Sean Rad in a release.
In defense IAC and Match group stated that the allegations in the complaint are meritless.