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Rostani v. Open Props Inc.

Fraud Claim Not Stated in Action Over 'Worthless' Props Tokens Cryptocurrency

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MEMORANDUM OPINION & ORDER Plaintiff Romein Rostami (“Plaintiff”) brought this action against Open Props, Inc., Adi Sideman, Yonatan Sela, Eran Kalmanson, and Ben Perper (collectively, “Defendants”), asserting claims for fraudulent inducement, unjust enrichment, breach of the implied covenant of good faith and fair dealing, and alter ego liability. Pending before the Court is Defendants’ motion to dismiss pursuant to Federal Rule of Civil Procedure 12(b)(6). For the reasons that follow, the motion is granted. BACKGROUND1 Open Props, Inc. (“Open Props”), formerly known as YouNow, Inc., operates a livestreaming video broadcasting service that was founded in April 2011. Compl. 23. Through this service, users can “stream their own live video content or interact with the video streams of other users in real time.” Id. At all times relevant to this action, Adi Sideman was the Chief Executive Officer of Open Props; Yonatan Sela was the Senior Vice President of Business Development and Product Strategy; Eran Kalmanson was the Chief Technology Officer; and Ben Perper was the Director of Product and Business Intelligence. Id.

14-17. In September 2017, Open Props announced that it was creating a new cryptocurrency called “Props Tokens,” which would power a new video platform called “Rize.” Id.

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