HeadSpin Co-Founder Pleads Guilty to Securities, Wire Fraud

Manish Lachwani, who co-founded and led Silicon Valley startup HeadSpin Inc., pleaded guilty Thursday to securities and wire fraud charges, federal prosecutors said.

Lachwani, in a hearing before Judge Charles R. Breyer of the US District Court for the Northern District of California, admitted he disseminated false and overstated revenue metrics to potential investors to lure investments into his company.

HeadSpin provides corporate clients with software and access to remote devices around the world that allowed clients to remotely test mobile applications on different devices and networks. The company between April 2017 and April 2020 raised more than $100 million ...