John Brier and Bin Tu, the founders of a famous lottery data business known as TinBu, filed a lawsuit against the company that acquired their business, Lottery.com, claiming that they are owned millions in payment, as well as additional financial assets. In their lawsuit, represented by Morgan & Morgan, Tu and Brier claimed that Lottery.com promised them millions of dollars of payment upon agreeing to sell their business back in 2018.
Besides failing to pay millions for the acquisition of TinBu, Lottery.com allegedly promised the duo to compensate them with cryptocurrency “token” investments in the company. The new lawsuit claims that in addition to the aforementioned compensation and pay, Tu and Brier were promised guaranteed five-year employment contracts in order to continue to collaborate with the company post-acquisition.
Attorneys John Morgan, Roger Brown and Benjamin Webster, representing Tu and Brier explained that their clients helped develop a business from the ground up. Then, when they came to an agreement for the acquisition of the aforementioned business, they were not compensated as promised, claimed the attorneys. Finally, Morgan, Brown and Webster noted: “We hope to recover what Mr. Brier and Mr. Tu are owed and hold other companies like this accountable.”
“Our clients built a business from the ground up, but instead of being rewarded for their hard work, they had their company essentially stolen out from under them,“
reads a statement released by John Brier and Bin Tu’s attorneys, John Morgan, Roger Brown and Benjamin Webster Lawsuit Alleges There Are Millions of Unsettled Payments and Compensations Although the acquisition was completed, the plaintiffs claim that they are yet to be compensated. Overall, the lawsuit alleges that Lottery.com failed to deliver on multiple promises for compensations and payments surpassing $10 million, all of which were made in light of the acquisition of TinBu.
The recent lawsuit isn’t the only legal action that Lottery.com is facing. The company is also subject to class action lawsuits with investors alleging it presented misleading or false financial reports. Those lawsuits reportedly ink to a number of senior-level directors that have left the company recently.