Cases & Investigations
MoneyLion Inc. Stockholder Litigation
Type: Current Cases
Case Number: Martel et al. v. Fusion Sponsor LLC et al., C.A., 2024-0329-NAC (Del. Ch.)
Defendant(s): FUSION SPONSOR LLC, JOHN JAMES, JEFFREY GARY, JIM ROSS, KELLY DRISCOLL, BEN BUETTELL, DIWAKAR CHOUBEY and BROADHAVEN CAPITAL PARTNERS, LLC
Stock Symbol: NYSE: ML
Warrant Symbol: NYSE: ML WS
Court: Delaware Chancery Court
The class action complaint filed by Wolf Popper and other counsel, which follows extensive investigation into MoneyLion’s and Fusion’s corporate books and records, alleges that Fusion’s directors and executive officers and its sponsor (the “Fusion defendants”) labored under conflicts of interest incentivizing them to merge with MoneyLion, even if value-destructive to Fusion’s public stockholders. Plaintiffs assert, among other things, that the Fusion defendants, aided and abetted by MoneyLion’s CEO and co-founder Diwakar (Dee) Choubey and MoneyLion’s financial advisor, Broadhaven Capital Partners, LLC, breached their fiduciary duties when disseminating a false and misleading proxy statement that discouraged Fusion stockholders from redeeming their shares.
Contact Instructions
- Phone: Carl L. Stine, 212-451-9631
- Phone: Adam J. Blander 212-451-9667
- Email: Outreach@wolfpopper.com
Case Update | 4/10/2024