An investor in payments business Marqeta Inc. sued its founder, claiming he engineered a stock buyback program that would let him gain majority control of the company—rumored to be a takeover target—without spending a dime.
The lawsuit, filed Thursday, also targets other members of Marqeta’s board. It accuses them of standing aside as founder Jason Gardner pushes the company to spend hundreds of millions repurchasing shares in a maneuver that has taken him from just 13% voting control to the brink of outright ownership.
The dispute echoes earlier and ongoing cases involving similar alleged schemes at Rev Group Inc.,
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