Grindr Inc.'s largest stockholder orchestrated a buyback program that would force public investors to pay hundreds of millions for the privilege of handing him majority control, according to a lawsuit.
A shareholder is suing billionaire G. Raymond Zage III and other board members, saying the repurchases are aimed at pushing his stake above 50% after a round of warrant redemptions shrank it to 45%. The scheme “threatens to misuse corporate funds to give Zage control of the company for free,” according to the filing in Delaware’s Chancery Court.
Zage, founder of Singapore-based Tiga Investments Pte. Ltd., led the consortium ...