[RickeyM]

Originally Posted by finnbow

Investment firms led by the former CEO of the SPAC that merged with Donald Trump’s media company allege that their files were hacked and stolen by a current member of the media company’s board of directors.

In a federal civil lawsuit filed in South Florida last month, the firms accuse board member Eric Swider of plotting a coup in early 2023 to replace Patrick Orlando as CEO of the special purpose acquisition company, Digital World Acquisition Corp.

As part of that attempted ouster, Swider and others allegedly “stole access” to the firms’ computer systems and then “used the stolen information to attack” Orlando, according to the lawsuit...

he Florida lawsuit is just one in a series of messy and dramatic legal disputes that have come to define Trump Media’s rocky road to an IPO, and its equally turbulent first weeks as a public company.

DWAC in July settled fraud charges with the Securities and Exchange Commission, though the agency found the SPAC had submitted “materially false and misleading” filings.

Trump Media in late March sued its co-founders over alleged mismanagement of the merger, and is seeking to bar them from owning the company’s stock.

Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company.

Critics, meanwhile, have labeled the company a meme stock and a “scam.” They point to the company’s reported net loss of $58.2 million on revenue of just $4.1 million in 2023.

https://www.cnbc.com/2024/04/10/trum...s-lawsuit.html