Fintech Co. GreenSky Hit With Derivative Suit Over IPO

Law360 (April 1, 2020, 4:25 PM EDT) -- A GreenSky Inc. investor hit the financial technology startup with a derivative suit in Delaware federal court Tuesday, accusing its board of directors of deceiving the public about its May 2018 initial public offering and costing the company millions of dollars.

Shareholder Thomas Pileggi alleges that the directors failed to disclose in GreenSky's registration statement to the U.S. Securities and Exchange Commission that the digital lender would be pivoting away from focusing on the solar energy market toward the less lucrative elective health care market.

These changes were underway ahead of the IPO and were already having a negative impact on...

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