Russell Stephens, a Silicon Valley entrepreneur, sued the founder of home security company Ring. Stephen alleged that Ring’s founder, Jamie Siminoff, whose company was featured on the TV show “Shark Tank,” bilked him out of $300 million. Stephens said he was an early adviser to Siminoff and invested more than $100,000 into the company in exchange for stock, after Siminoff failed to secure an investor on Sharl Tank in 2013. In April 2018, Amazon purchased the tech company for more than $1 billion. That’s when Siminoff refused to honor Stephens’ contributions, according to the complaint. Ring’s general counsel Leila Rouhi refused to honor his stock option rights, “contending that Russell had forfeited all such rights by not exercising them within 30 days of offering to resign from Ring’s Board of Directors on October 31, 2016.” Among other charges, Russell sued Siminoff and Ring for fraud and requested rescission of the patents he “signed away” after leaving the board. In this case, Stephens was represented by Darren Enenstein of EPG Lawyers.
‘Shark Tank’ Business Owner Sued in $300M Fraud Case | Courthouse News Service