Orange County Superior Court's Central Justice Center in Santa Ana, California. (Photo: Meghann M. Cuniff/ALM) $1.3 Billion Crypto IRA Startup Faces Claims of 'Frat House' Culture
"Beyond the allegations of office discussions about strip clubs and the use of cocaine at work, their general lack of oversight is startling," said Ann Olivarius, a partner at McAllister Olivarius not involved in the matter.
November 04, 2024 at 02:39 PM
3 minute read
Cryptocurrency
What You Need to Know
- ITrustCapital and one of its former CEOs are facing a complaint in the Superior Court of California.
- The case involves a former C-suite employee who said he suffered humiliation and other injuries in connection with alleged behavior toward his wife.
- An expert not involved in the matter said the case is a cautionary tale for rising crypto unicorns.
A rising crypto individual retirement account platform and its former chief executive officer are facing a multimillion-dollar complaint in a state court in California for what an independent expert called a cautionary tale of "an extreme case of corporate culture gone wrong."
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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