Court Partially Rejects Aptos Labs’ Offer To Dismiss Glazer’s $1B Lawsuit
In a multi-billion dollar equity fraud lawsuit initiated by Aptos public chain initial investor Shari Glazer against Aptos Labs CEO Mo Shaikh, Mo Shaikh filed a lawsuit in court to dismiss the petition. Four legal claims were dismissed by the court, while three others were allowed to continue.
On October 10, the court partially denied Aptos Labs CEO Mo Shaikh’s motion to dismiss a lawsuit filed by businessman Shari Glazer, who claimed to have been cheated out of his equity as an initial investor.
In it, the court decided to reject four requests for fraud and other claims of Shari Glazer, while three other requests were allowed to continue the trial, mainly related to breach of contract, enrichment nefarious and Glazer’s meaningful entitlement to 50% of Matonee, parent company of Aptos Labs.
Aptos was founded by former employees Meta Mo Shaikh and Avery Ching. The founders also participated in Mark Zuckerberg’s failed Diem project. The Diem Association and its subsidiaries went down in February, with Meta selling the project’s intellectual and other assets.
In a lawsuit filed in March against Matonee, Glazer and her company Swoon Capital claimed that Matonee had been defrauded of her proper partnership interest – in this case, 50% of Shaik’s ownership stake – by a fraud scheme. In the case, Glazer seeks up to $1 billion in damages.
On July 25, Aptos, the blockchain project that emerged from the collapse of Facebook’s Diem, announced the successful completion of a Series A funding round with a value of up to 150 million USD. This latest investment round has the participation of many big names in crypto venture capital, including FTX Ventures, Jump Crypto, a16z, Multicoin Capital and Circle Ventures.
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