Following the sale of Dash Radio to LITT Live without paying the convertible debt of 1.2 Million has lead to the allegations of fraudulent conveyance and fraudulent counseling.
TAF1 LP. VS DASH RADIO, INC., A DELAWARE CORPORATION, ET AL.
LOS ANGELES, CA / ACCESSWIRE / June 18, 2024 / Armstrong Teasdale filled a Lawsuit on the behalf of a group of Investors TAF1 LP on Mr.Scott Keeney ex-founder and the board members of Dash Radio at Superior Court of California, County of Los Angeles.
Following DASH Radio's divestiture to LITT Live, an Australian firm, the company has unresolved $1.2 million convertible debt has led to allegations. Scott Keeney, the former founder, together with DASH Radio's Chief Revenue Officer Alex Boyce and several board members, have been accused of misleading the investors by not disclosing the company's financial insolvency.
In the lawsuit, investors have raised fraudulent concealment concerns over the disclosures made by DASH Radio's Alex Boyce. The company's fiscal issues were revealed on Thanksgiving Day, November 23, 2023, when it was announced that DASH Radio would be sold to LITT Global for $200,000. Despite being creditors, not only did Skee and Alex Boyce fail to give notice of the insolvency of DASH but they didn't give any proceeds to the debtors from the sale.
The lawsuit also named prominent DASH Radio board members, including Kevin Tsujihara, John Burbank and Michael Zeisser, who are accused of failing to inform the investor groups about DASH Radio's true financial state.
Court Case Number: 24STCV02743
Reference link for more details: https://www.lacourt.org/casesummary/ui/
If you require further information or wish to learn more about these claims, or if you have any inquiries regarding this announcement or your legal rights and interests in this matter, please reach out to Armstrong Teasdeal LLP. They are available at the telephone number (314)621-5070
SOURCE: Armstrong Teasdale LLP
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