Former Directors Sued Over Failed Real Estate Investment Site

Law360 (March 1, 2021, 9:12 PM EST) -- Four former directors of bankrupt crowdfunded real estate investment platform RealtyShares were hit with a proposed securities class action in Massachusetts federal court that contends investors were misled about the robustness of due diligence conducted on a key developer. 

The group of former directors, who are venture capital executives, were sued Friday by investors Walter Raudonis, David Holland and Jeremy Davis on behalf of themselves and others who bought debt securities of RealtyShares or its RS Lending unit for the purpose of investing in franchising opportunities. The executives named in the suit include John Jarve and Tyler Sosin at Menlo Ventures, along with...

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