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Snap Inc., maker of pic-sharing app Snapchat, was hit with a wrongful termination lawsuit on Jan. 4 by a former employee who alleges the company made false representations about its finances ahead of its forthcoming initial public offering, according to the L.A. Times. Snap refuted the claim.
Anthony Pompliano left Facebook to work on Snapchat but was fired three weeks later. He alleged Snap made the false representations to him before he was hired. He also said the company wanted him to share inside knowledge from his time at Facebook, but he wouldn't do it.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
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