Vistar Media Inc. fired back July 19 at investors who accuse the marketing technology startup of “scheming” to terminate their rights to convert their investments into equity.
The lawsuit was filed by more than a dozen venture capital firms in Delaware’s Chancery Court in March. It accuses Vistar of structuring its financing transactions to avoid triggering any of the contingencies that would have automatically converted the promissory notes held by early investors into common stock.
The company then tried to force the investors to accept repayment with minimal interest instead, the suit claims. It seeks an order declaring that the ...
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