The logo for the Tinder app, seen on a mobile phone screen in London in November In the suit filed Tuesday in New York, the Tinder employees past and present say the companies that own the app deliberately undervalued it to swindle them out of the money they were owed. The suit claims the pair of companies carried out a multipronged scheme. First, according to the complaint, they stifled the value of the stock options held by early employees as part of agreements signed in , exaggerating expenses, downplaying growth and delaying the launch of features to cook up a pessimistic projection of Tinder’s fortunes. Then IAC merged Tinder and IAC’s subsidiary, Match — in a bid to ensure stockholders wouldn’t benefit from Tinder’s significantly rosier outlook going forward, according to the complaint. What’s more, the page complaint lodges a particularly incendiary claim, this one specifically about Match CEO Greg Blatt, who replaced Rad as Tinder’s chief executive in December That same month, at Tinder’s holiday party, Blatt allegedly “groped and sexually harassed” the company’s vice president of marketing and communications, Rosette Pambakian, who has joined the suit as a plaintiff. Defendants kept Blatt in place as Tinder’s “interim” CEO long enough to complete the private valuation and secret merger of Tinder,” Rad and his fellow plaintiffs say. IAC, for its part, blasted the allegations as “meritless.
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The plaintiffs are represented by Orin Snyder of Gibson Dunn, who has represented some of the biggest companies in tech, including Facebook, Apple and Uber. Four of the plaintiffs, who still work at Tinder, were put on paid administrative leave by the company on Tuesday, according to a source familiar with the matter. The dispute centers on an analysis of Tinder done in by Wall Street banks to set a value for stock options received by Sean Rad , a Tinder co-founder, and other early employees.
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Of course there are sites aimed at specific religious or ethnic groups, but there are also those who aim to match couples with very specific interests. The Passion Network, for example, is a small empire of dating hubs like bronypassions. Thanks to the growth of such sites, the industry has expanded at 3. Analysts expect the acceleration to continue over the next five years. Target marketing, changing demographics, and decreasing stigma about online dating are continually bringing new users to fore.
That growth is already beginning to attract investors. The field is already crowded, with almost 3, companies running dating sites, according to a report last fall from business research firm IBISWorld. The report projects the industry to add about a hundred companies per year over the next four years. The biggest web dating companies have a huge lead over the competition—two control more than 40 percent of the market. The stats are staggering.
Last December, more than 1 in 10 American adults visited dating sites, spending more than an hour a day there on average, according to Market research company Nielsen. In , just 28 percent of American adults were single; today, the share is 47 percent, according to the Census Bureau. Plus, more people are getting online all the time— 70 percent American adults had broadband access as of last May, up from 42 percent in Disapproval has gotten especially rare among somethings, who grew up with web dating as the norm, says eHarmony spokesman Grant Langston.
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The report from the council — a working group of scientists, doctors, scholars and policy experts, among others — pulls together previously published research into how mental well-being may change with age and how, in turn, such changes may affect things like your ability to reason, to cope with challenge or even to help fend off dementia in later years.
One interesting point, for instance, is how feeling you have a purpose in life might reduce your risk of future dementia by up to 20 percent. Knowing that anxiety and depression are often linked with cognitive decline, the council decided to examine the current evidence on whether adults who are able to cope better with stress, anxiety and symptoms of depression are able to reduce their risks for cognitive decline as they age.
In fact, on average, the opposite is true. To boost well-being, the council offers some recommendations related to things such as mood and outlook:
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In the lawsuit, the plaintiffs claim Tinder’s owner, IAC, and its subsidiary Match Group “robbed Tinder employees by manipulating financial information, undermining Tinder’s valuation, and unlawfully stripping away their Tinder stock options,” according to a press release. The suit alleges Match and IAC stole billions of dollars from employees through “deception” and “outright lies.
The plaintiffs allege Match and IAC lied to Tinder employees “to cheat them out of the money to which they were contractually entitled” by manipulating the company’s valuation. They allege IAC and Match therefore manipulated the company’s valuation and stripped employees of their stock options. IAC and Match then took the money they were supposed to pay Tinder employees, the suit claims.
The app owners’ misconduct allegedly included “concocting false financial information, hiding truthful projections of continued rapid growth and delaying the launch of transformative new products such as Tinder Gold,” the release states. The evidence is overwhelming that when it came time to pay the Tinder employees what they rightfully earned, the Defendants lied, bullied, and violated their contractual duties, stealing billions of dollars.
Match Group and the plaintiffs went through a rigorous, contractually-defined valuation process involving two independent global investment banks, and Mr. Rad and his merry band of plaintiffs did not like the outcome.
Tinder co-founders and 8 others sue dating app’s owners, claiming they’re owed $2 billion
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For example, the NDAA’s H-2B provision is unlikely to apply to H-2B workers performing services or labor under a contract or subcontract at hotels, restaurants, retailers, vendors, and other service-type establishments located near a U.S. military base, as any such services or labor.
MTN-Office The telco is seeking injunction to restrain them from taking further action in respect of their orders to reclaim the alleged debts. However, MTN had categorically denied all allegations, saying it has always complied with and carried out all its taxes and financial obligations to the Nigerian government, dutifully The telecommunications company told Vanguard that apart from the need to protect its assets and shareholder rights within the confines of the law, one of the major reasons it went to court was the ambiguity of the claims and the inconsistency in the positions of the two authorities making the claims.
It also said the two authorities were not clear on where and through whom the money should be paid, were it necessary to be paid as the CBN and AGF directives were in conflict with each other. They are made even more confusing when the relevant authorities send conflicting messages and instructions and act in a way that appears un-coordinated and at cross purposes. With situations like this, it is vital for both the government, regulators and the company to have absolute clarity on the nature of both the allegations being made and the processes that are being followed.
In the absence of this clarity, our only option is to seek judicial intervention and to ask the courts to act as adjudicator. This has been done today. The company disclosed that after the notice, the AGF allowed it the opportunity to do a self-assessment of the taxes in this regard. Officials of the company who spoke to Vanguard, said: It is equally clear that Nigerian law provides for guaranteed unconditional transferability of funds through an Authorised dealer in freely convertible currency relating to dividends or profits attributable to the investment, payments and in respect of loan servicing where a foreign loan has been obtained.
This means that it is incorrect to suggest that the conversion of a shareholder loan to preference shares has any relation to the repatriation of dividends. The two are simply not connected and we are trying to understand this position that the Central Bank has taken. He promised that MTN Nigeria will continue to engage with the relevant authorities on all these matters and will remain resolute that it has not committed any offences and will vigorously defend its position.