Founders Of Celebrity Texting App Say They Were Bilked $30M

Law360 (August 20, 2020, 8:46 PM EDT) -- The CEO of celebrity texting app Community tricked the company's founders out of their shares for cheap and cut out the Ashton Kutcher-backed company's original investor, according to a lawsuit filed Thursday in California federal court.

Charles Buffin and Max Levine said that they were wrongly convinced to sell most of their shares for about $22,000 apiece just before Community.com Inc. raised money in a celebrity-backed funding round valuing the company at $180 million. Buffin and Levine called CEO Matthew Peltier's alleged behavior "egregious," fraudulent and a violation of securities laws.

"Through this lawsuit, plaintiffs seek what they are owed," the...

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