Ozy Media Hit With First Investor Lawsuit Over Faked Fundraising Call – Deadline

First and foremost, it can be a series of lawsuits against harassment. Ozzy Media, A fund manager who invested in the site, accused him of fraud and demanded compensation and penalties in a jury trial.

Lifeline Legacy Holdings of Beverly Hills, California, has invested more than 2 million in the company. Carlos WatsonOzzy was involved in “fraud, deception and illegal activities” when the firm was considering whether to invest earlier this year.

A lawsuit filed in U.S. District Court for the Northern District of California, where Ozzy Media is based, is the latest shoe to fall into a revealing scandal caused by a New York Times story that revealed Ozzy Media’s co-founder. Sameer Rao had imitated. Watson, who says he was not on the call, blamed the incident on the mental health problems of his fellow executive, but The purpose of the imitation was to reassure Goldman, a potential investor, that the videos produced by Ozzy were successful on giant video sharing. Platform

Lifeline said that if it had known “past facts.” [of the call it would never have invested in Ozy Media.”

“In 2021, based upon direct assurances concerning Ozy Media’s strong business performance, investments by high profile institutional investors, high viewer metrics, and competent and honest company management, LifeLine agreed to invest in Ozy Media. At the time that LifeLine’s investments were solicited and made, Ozy Media and, more specifically, Samir Rao knew that, in fact, the representations made to LifeLine regarding Ozy Media were untrue and that Rao had fail to disclose material information about Ozy Media to LifeLine,” the suit says.

“More particularly, Ozy Media knew, but failed to disclose to LifeLine that on February 2, 2021 the company, through Samir Rao, engaged in fraudulent, deceptive and illegal conduct when Mr. Rao, while participating in a call with a potential high profile institutional investor, impersonated an executive of YouTube and misrepresented viewership of Ozy Media programming shown on YouTube. Ozy Media also failed to disclose that said high profile institutional investor refused to invest in Ozy Media after learning of said fraudulent conduct and that the company, as a result, was under investigation by various government agencies.”

Last week Ozy Media’s star journalist, former BBC anchor Katty Kay, and its board chair Marc Lasry both stepped down and Watson announced that the company would shut down. But on the Today show yesterday, he walked that back, saying the company was staying open for business but without detailing how, or where it was getting funds to operate. The initial revelations last week have led to other stories questioning the company’s reporting of viewer metrics and data and its characterization of production partnerships. On Today, Watson slammed Ozy critics from Sharon Osbourne to YouTube.

He acknowledged “a tragic situation” but said,  “I am grateful, though, that Goldman didn’t invest, because that would have been the worst all.”

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