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Home / Technology / Tinder Founders Sue Match, IAC For $ 2 Billion Over Face Value Manipulation

Tinder Founders Sue Match, IAC For $ 2 Billion Over Face Value Manipulation




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In this image illustration, the logo of the computer program Tinder appears on a smartphone 26 February 2018 in Berlin, Germany. (Credit: Thomas Trutschel / Photothek via Getty Images) [1

9659002] A group of current and former Tinder leaders sue the computer program's parent companies for alleged bullying and misleading plaintiff out of billions in share value, including complaints.

Today, the Supreme Court in New York sued the holding company InterActiveCorp (IAC) and its subsidiary in Match Group, which owns almost all leading US computer programs and platforms, seeking $ 2 billion in compensation.

The SACC claims that IAC and Match & nbsp; wondered current and former Tinder employees on a large scale by manipulating financial information about the computer program, illegally remove employee options and undermining Tinder's valuation in recent months and years. [1 9659005] I declares a lawyer for the plaintiffs, which includes three current Tinder leaders, IAC and Match leadership for "summoned fake financial information that conceals truthful projections of continued rapid growth and delaying the launch of transforming new products like Tinder Gold. "

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The plaintiffs also say they were threatened to shoot if they talked about Tinder & # 39 ; s true appreciation and that the parent company leaders helped to cover the 2016 sexual harassment of Tinder's 19459014 Vice President for Marketing and Communication of former CEO and Greg Blatt.

] During the summer the company announced that Blatt would be replaced as Managing Director of Match Group by Mandy Ginsberg, former CEO of Match Group Americas, from January 1, 2018. [19659009] According to the plaintiffs, Tinder recently acknowledged that is on track to earn $ 800 million in revenue in 2018, or 75% more than forecast by IAC and Match last year.

According to a statement issued by the plaintiffs, "IAC / Match produced a fake so-called Tinder valuation of $ 3 billion – the same value IAC / Match had awarded Tinder two years earlier, despite revenues growing 600% and user base growing 50%. So, just hours later, IAC / Match fused Tinder Tinder out of the company's existence and into Match Group – dilutes Tinder into a standing holding company. & nbsp; This merger was a pretext for extinguishing Tinder employees' options. "

Representatives of IAC and Match called the claims" meritless, "and said that the companies" look forward to & nbsp; defend [their] position in court.

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The plaintiffs, including the current and former leaders at Tinder, are as follows :

  • Jonathan Badeen, Co-Founder & Chief Strategic Officer, March 2012 Present
  • Paul Cafardo Technical Director April 2013 to June 2017
  • Gareth Johnson, Leading Designer, February 2014 to June 2017
  • James Kim, Chief Financial Officer, February 2016 to Present
  • Alexa Mateen, Head of American Expansion May 2012 to May 2015
  • Justin Mateen, Co-Founder & Chief Marketing Officer, February 2012 to September 2014, Strategic Advisor from September 2014 until 2017
  • Joshua Metz, Marketing Director, June 2013 Present
  • Ryan Ogle, Technology Director, August 2012 to June 2017
  • Rosette Pambakian, Marketing / Communications Director, March 2014 Present
  • Sean Rad, co-founder, CEO, President, and Chairman, February 2012 to September 2017

Sean Rad, Tinder Co-founder and First CEO commented in a statement: "We were always concerned with IAC's reputation for ignoring their contractual obligations and acting as rules does not apply to them. & nbsp; But we have never imagined the lengths they would go to cheat all the people who built Tinder. & nbsp; The Tinder team – especially the plaintiffs currently leading the company – has shown great strength by revealing IAC / Match's systematic breach of employee rights. "

IAC and Match commented on the matter in a joint statement,

The claims in the complaint are merciless, and the IAC and Match Group intend to vigorously defend themselves against them. & nbsp; ] Since Tinder, Match Group has paid more than one billion dollars in equity compensation to Tinder's founders and employees … Mr. Rad (who was dismissed from the company a year ago) and Mr. Mateen (who has not been with the company this year ) can not be similar to the fact that Tinder has experienced tremendous success after their respective departures, but sour grapes alone do not do a lawsuit.

[Updated 2:58pm EST to include joint statement from IAC and Match Group]

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In this photo illustration, the logo of Tinder computer software appears on a smartphone February 26, 2018 in Berlin, Germany. [Credit: Thom as Trutschel / Photothek via Getty Images]

A group of current and former Tinder leaders sues the computer program's parent companies for alleged bullying and misleading plaintiff out of billions in share value, including complaints.

Today, the plaintiffs sued the New York Supreme Court against the holding company InterActiveCorp (IAC) and its subsidiary Match Group, which owns almost all leading US computer programs and platforms, seeking $ 2 billion in compensation.

The case claims that IAC and Match wondered current and former Tinder employees on a large scale by manipulating financial information about the computer program, illegally removing employee options and undermining Tinder's valuation in recent months and years.

In a statement, lawyers for the plaintiffs who include three current Tinder executives, accuse the IAC and Match leadership of "concocting false financial information, hide truthful projections of continuing rapid growth and delay the launch of transformative new products like Tinder Gold."

See also: Facebook Boots More Covert Bad Actors & # 39; while leaving others in the common sense

The plaintiffs also say that they were threatened with firing if they talked about Tinder's true appreciation and that the parent company leaders helped to cover 2016 sexual harassment of Tinder's Vice President for the marketing and communication of former Match Group Chairman and CEO Greg Blatt.

Last year, the company announced that Blatt would be replaced as Managing Director of Match Group by Mandy Ginsberg, former CEO of Match Group Americas, starting January 1, 2018.

According to the plaintiffs, Tinder recognized recently that it is on track to earn $ 800 million in revenue in 2018, or 75% more than expected by IAC and Match last year.

According to a statement from the plaintiffs, "IAC / Match produced a $ 3 billion fake Tinder valuation – The same valuation IAC / Match had awarded Tinder two years earlier, despite revenue growing 600% and user base grew 50% . So just several hours later, IAC / Match Tinder merged out of the company's existence and into the Match Group – dilution of Tinder into a stagnant holding company. This merger was a pretext for wasting Tinder employees' options. "

Representatives of IAC and Match called the claims "meritless" and said the companies "look forward to [1 9459013] defend [their] position in court."

See also: Uber Kicks Antenna to Curb With NYC Media Flood [19659008] The plaintiffs, including current and former leaders at Tinder, are as follows:

  • Jonathan Badeen, Co-founder and Chief Strategy, March 2012 Present
  • Paul Cafardo Technical Director April 2013 to June 2 017
  • Gareth Johnson, Leading Designer, February 2014 to June 2017 [19659015] James Kim, Chief Financial Officer, February 2016 Present
  • Alexa Mateen, Head of American Enlargement, May 2012 to May 2015
  • Justin Mateen, Co-founder and Corporate Marketing, February 2012 to September 2014, Strategic Advisor from September 2014 to 2017
  • Joshua Metz, Marketing Director, June 2013 to Present
  • Ryan Ogle Technology Technician August 2012 to June 2017
  • Rosette Pambakian, Director of Sean Rad, Co-Founder, CEO, President and CEO, February 2012 to September 2017

Sean Rad, Tinder Co-founder and First CEO, commented in a statement: "We were always concerned with IAC's reputation to ignore their contractual obligations and act as rules do not apply to them. But we had never imagined the length they would go to cheat all the people who built Tinder. The Tinder team – especially the plaintiffs currently leading the company – has shown great strength in revealing IAC / Match's systematic breach of employees' rights. "

IAC and Match commented on the matter in a joint statement, [19659026] The claims in the complaint are merciless and the IAC and Match Group intend to vigorously defend themselves against them. Since Tinder began, Match Group paid more than one billion dollars in equity compensation to Tinder's founders and employees … Mr. Rad (who was dismissed from the company a year ago) and Mr. Mateen (who has not been with the company this year) may not like it The fact that Tinder has experienced tremendous success after their respective departures, but sour grapes alone do not make a lawsuit.

[Updated 2:58pm EST to include joint statement from IAC and Match Group]


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