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SoftBank Sues Former IRL CEO For Fraud

SoftBank sued former IRL CEO Abraham Shafi and five siblings and cousins for allegedly misleading the investor about the messaging app’s growth, prompting the Japanese conglomerate to buy $150 million worth of shares in the company in 2021 at the height of a pandemic-fueled consumer internet boom.


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SoftBank sued former IRL CEO Abraham Shafi and five siblings and cousins for allegedly misleading the investor about the messaging app’s growth, prompting the Japanese conglomerate to buy $150 million worth of shares in the company in 2021 at the height of a pandemic-fueled consumer internet boom.

SoftBank sued former IRL CEO Abraham Shafi and five siblings and cousins for allegedly misleading the investor about the messaging app’s growth, prompting the Japanese conglomerate to buy $150 million worth of shares in the company in 2021 at the height of a pandemic-fueled consumer internet boom.

U.S. securities regulators began investigating the company following a report in The Information questioning the user figures. The conduct described in SoftBank's lawsuit, including allegedly deleting evidence during a federal investigation, could put Shafi in further legal trouble.

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SoftBank Sues Former IRL CEO For Fraud
By Amir Efrati and Mark Matousek


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