Monday April 22, 2019
Home Lead Story Tinder Co-fou...

Tinder Co-founder Faces $250 mn Lawsuit: Report

The motion put forward by Rad claims that he specifically negotiated this contract because he "wanted protection if Match attempted to rob him of his Tinder equity."

0
//

Tinder Co-founder and former CEO Sean Rad has asked the Supreme Court of New York to dismiss a $250 million lawsuit filed against him by the Match Group and InterActiveCorp (IAC), the present owners of the dating app.

Earlier in January, Match Group and IAC filed a lawsuit in Manhattan accusing Rad of secretly obtaining confidential information, files and other proprietary information before leaving the company, which violated his employment contract.

“In his motion to dismiss, however, Rad says the contract gave him the right to back up internal emails and hold on to those correspondences even after his tenure at Tinder ended,” The Verge reported on Monday.

online-dating
A man uses the dating app Tinder in New Delhi, India. (VOA)

The motion put forward by Rad claims that he specifically negotiated this contract because he “wanted protection if Match attempted to rob him of his Tinder equity.”

Also Read- Possibilities of UN Banning Killer Robots Looking Growingly Remote

“The contract specifically allowed Sean Rad to keep these documents, and IAC and Match are just mad that Sean retained the evidence that will expose their misconduct. We look forward to presenting that evidence to a jury,” the report quoted Rad’s lawyer Orin Snyder as saying. (IANS)

Next Story

Apple Accused of Fraud for Hiding Dop in iPhone Sales: Report

Apple’s disclosures in January caused its stock price to fall by more than $15 per share, or more than 9 percent

0
Apple, women
The Apple logo is shown outside the company's Worldwide Developers Conference in San Francisco, California. VOA

A lawsuit filed in the US has alleged that Apple violated the country’s Securities Exchange Act by hiding a slowdown in the demand for iPhones, especially in China, the media reported.

The City of Roseville employees’ retirement fund filed the suit on Tuesday in Northern California US District Court, The Mercury News published from San Jose reported.

The lawsuit claimed that Apple knew in November its iPhone sales were hit, but refrained from revealing it to investors then, leading to economic loss for investors.

The lawsuit seeks class-action status, to bring in everyone who bought Apple common stock between November 2, 2018 and January 2, 2019, the report said, adding that the plaintiff is seeking a jury trial and unspecified damages.

Apple in November said it had gone into the holiday season with its “strongest lineup of products and services ever,” according to the suit.

But in reality, the US trade war with China was hurting the iPhone sales and Apple and its CEO Tim Cook were aware of it in November, claimed the lawsuit which said that Apple disclosed the “true state” of its first quarter iPhone sales only in January.

apple
Apple CEO Tim Cook speaks during a data privacy conference at the European Parliament in Brussels. VOA

The suit alleged that Apple and Cook’s “materially false and misleading statements” in November propped up the company’s stock, “which continued to trade at artificially inflated prices”.

But in January, Apple lowered its revenue guidance for fiscal 2019 first quarter, which ended on December 29.

In a letter to investors, Cook said that the company now expects a revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

Also Read- Harassment Prevention at Workplace is Very Important Trend for Future: LinkedIn

Cook acknowledged that the revenue shortfall in its guidance was partly due to China’s trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue, he said.

Apple’s disclosures in January caused its stock price to fall by more than $15 per share, or more than 9 percent, the suit claimed. (IANS)