Cybereason CEO Sues Investors Over Rejected Financing Plans
The CEO of Cybereason Inc. has sued Steven Mnuchin and the SoftBank Vision Fund for rejecting vital financing proposals, risking the company's financial future.
The chief executive officer of Cybereason Inc. has filed a lawsuit against two investors, former Treasury Secretary Steven Mnuchin and the SoftBank Vision Fund. The lawsuit claims that their actions have jeopardized the company's financial stability and risked its future by rejecting essential financing plans totaling up to $150 million.
Using their voting rights as board members, Mnuchin and the SoftBank Vision Fund "systematically rejected financing proposals, solely to preserve their control and financial advantages," stated CEO Eric Gan in a complaint submitted to the Delaware Chancery Court. Gan warned that without immediate financing, the cybersecurity-software company could be forced into Chapter 11 bankruptcy.
