Perry is suing Vista, DealerSocket, its current chief executive officer, and several DealerSocket board members for allegedly breaching fiduciary duty, his complaint shows. “This case is about two individuals seeking to gain leverage in a misguided attempt to buy back the company they sold to Vista,” according to a response from the company, filed after this story was published on Tuesday, referring to Perry and another DealerSocket co-founder. Perry’s complaint accuses Vista of allegedly engaging in “lies, secrets, value manipulation, minority shareholder oppression, bullying, and cover-ups.”ĭealerSocket disputes this characterization. These actions allegedly allowed Vista - through DealerSocket - to acquire an auto dealership software company called Auto/Mate without approval from minority board members, according to Perry’s suit. The founder of a Vista Equity Partners Management portfolio company is accusing the private-equity firm of fraud in a lawsuit he filed last week.īrad Perry, the founder of an automotive software company called DealerSocket, filed a suit on January 14 in the Delaware Chancery Court alleging that Vista, along with its portfolio company DealerSocket, manipulated valuations to wipe out minority shareholders so that it could purchase a company over their objections.
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