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 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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!