Board of OnDeck Sued Over Alleged Pandemic ‘Fire Sale’ to Enova

OnDeck Capital Inc.'s board was hit with a Delaware lawsuit blasting its plans to let Enova International buy the online lender as part of a $90 million “fire sale” at “a remarkably terrible time.”

The board breached its duties in signing off on the purchase while the company’s price is at “historic lows,” instead of buckling down to “endure” the Covid-19 pandemic, according to the Chancery Court complaint..

“On Deck has the cash on hand and has renegotiated agreements with lenders that it could remain a standalone entity,” the suit says. “Yet as a result of the frantic and unreasonable ...