One of Big Datas Giants Accused of Big Time Fraud
January 15, 2018
Palantir, one of the biggest names in big data has been praised for its innovative solutions since it began 2004. However, it has been getting attention for all the wrong reasons lately, as we saw in a recent Deal Street Asia story, “Palantir Holder Says Company Sabotaged Stock Sale to Chinese.”
One of Palantir Technologies Inc.’s early investors accused the data-mining startup of sabotaging his attempt to sell his $60 million stakes to a Chinese company so directors and executives could enrich themselves by selling their stock instead.
Marc Abramowitz, a 63-year-old lawyer and investor, contends that when Palantir executives got wind of his offer to sell his stock to Chinese private equity firm CDH Investments Fund Management Co., they sunk the deal by offering to sell their shares to CDH instead, according to a lawsuit filed Thursday in Delaware. Palantir’s campaign to spoil Abramowitz’s sale demonstrates the Silicon Valley company’s “willingness to intentionally interfere with shareholder transactions in an effort…’
It may be tough to prove this in court, however. Palantir is famous for its secrecy, though that may become a thing of the past when they go public. Either way, this is an interesting look at the cutthroat world of big data and the potential things people do to stay on top.
Patrick Roland, January 15, 2018
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