YAHOO FINANCE - Sep 17 - Sean Rad and other early employees filed a lawsuit in 2018 saying IAC/Match fraudulently undervalued their Tinder stock options one year prior by at least $2 billion, and IAC/Match took control of Tinder through management changes; firing Rad as Tinder CEO. Under Greg Blatt defendants are accused of manufacturing, suppressing and lying about Tinder's performance during a private valuation process. This devalued the stock options, and then Tinder was merged into Match which devalued Tinder options. Plaintiffs are pushing for a trial in H1 2021, and seek $1.3B to $3.5B plus punitive damages and interest.
IAC ($10.8B mkt cap+$2.9B cash) and Match ($28.9B mkt cap+$129m cash+$3.5B debt).
IAC/Match believes that the plaintiff's strategy "is and has always been clear: to smear defendants and hope to prejudice a jury against them."
by Jayson Derrick
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