A group of Tinder founders and executives has filed a lawsuit \nagainst parent company Match Group and its controlling shareholder IAC.<\/p>\n\n\n\n
The plaintiffs in the suit include Tinder co-founders Sean Rad, \nJustin Mateen and Jonathan Badeen \u2014 Badeen still works at Tinder, as do \nplaintiffs James Kim (the company\u2019s vice president of finance) and \nRosette Pambakian (its vice president of marketing and communications).<\/p>\n\n\n\n
We\u2019ve reached out to IAC for comment, as well as Pambakian, who\u2019s \nserved as our main contact at Tinder. We\u2019ll update the post if we hear \nback.<\/p>\n\n\n\n
The suit alleges that IAC and Match Group manipulated financial data \nin order to create \u201ca fake lowball valuation\u201d (to quote the plaintiffs\u2019 \npress release), then stripped Rad, Mateen, Badeen and others of their \nstock options. It points to the removal of Rad as CEO, as well as other \nmanagement changes, as moves designed \u201cto allow Defendants to control \nthe valuation of Tinder and deprive Tinder optionholders of their right \nto participate in the company\u2019s future success.\u201d<\/p>\n\n\n\n
The lawsuit also alleges that Greg Blatt, the Match CEO who became \nCEO of Tinder, groped and sexually harassed Pambakian at the company\u2019s \n2016 holiday party, supposedly leading the company to \u201cwhitewash\u201d his \nactions long enough for him to complete the valuation of Tinder and its \nmerger with Match Group, and then to announce his departure.<\/p>\n\n\n\n
In response, the plaintiffs are asking for \u201ccompensatory damages in \nan amount to be determined at trial, but not less than $2,000,000,000.\u201d<\/p>\n\n\n\n
\u201cWe were always concerned about IAC\u2019s reputation for ignoring their \ncontractual commitments and acting like the rules don\u2019t apply to them,\u201d \nRad said in the release. \u201cBut we never imagined the lengths they would \ngo to cheat all the people who built Tinder. The Tinder team \u2014 \nespecially the plaintiffs who are currently senior leaders at the \ncompany \u2014 have shown tremendous strength in exposing IAC\/Match\u2019s \nsystematic violation of employees\u2019 rights.\u201d<\/p>\n\n\n\n
Update: We\u2019ve just received the following joint statement from IAC and Match Group.<\/p>\n\n\n\n
The allegations in the complaint are meritless, and IAC and Match Group intend to vigorously defend against them.<\/p>\n\n\n\n
Since Tinder\u2019s inception, Match Group has paid out in excess of a \nbillion dollars in equity compensation to Tinder\u2019s founders and \nemployees. With respect to the matters alleged in the complaint, the \nfacts are simple: Match Group and the plaintiffs went through a \nrigorous, contractually \u2013 defined valuation process involving two \nindependent global investment banks, and Mr. Rad and his merry band of \nplaintiffs did not like the outcome. Mr. Rad (who was dismissed from the\n Company a year ago) and Mr. Mateen (who has not been with the Company \nin years) may not like the fact that Tinder has experienced enormous \nsuccess following their respective departures, but sour grapes alone do \nnot a lawsuit make. Mr. Rad has a rich history of outlandish public \nstatements, and this lawsuit contains just another series of them. We \nlook forward to defending our position in court.<\/p>\n","protected":false},"excerpt":{"rendered":"
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