This case was last updated from U.S. District Courts on 12/03/2021 at 08:05:12 (UTC).

Lifeline Legacy Holdings, LLC v. Ozy Media et al

Case Summary

On October 4, 2021, LifeLine Legacy Holdings LLC (“LifeLine” or “Plaintiff”), represented by Craig Nelson Haring of Blank Rome LLP, filed a civil action against Ozy Media and Samir Rao (“Rao”) (collectively, the “Defendants”), seeking damages plus interest, rescission of agreements along with costs, for Defendant Ozy Media’s alleged failure to inform Plaintiff about the company and Rao’s engagement in alleged fraudulent conduct in connection with the solicitation of investments from other investors. This case was filed in the U.S. District Court in the Northern District of California. 

In the complaint, Plaintiff alleged that, “Defendant Ozy Media is a digital media company that sought to raise funds from, among others, private investors in late 2020 and early 2021. LifeLine was one of the investors targeted by Ozy Media and, more specifically, by its Co-Founder, Director and Chief Operating Officer, Samir Rao.” “In 2021, based upon direct assurances concerning Ozy Media’s strong business performance, investments by high profile institutional investors, high viewer metrics, and competent and honest company management, LifeLine agreed to invest in Ozy Media.” 

Plaintiff further alleged that, “At the time that LifeLine’s investments were solicited and made, Ozy Media and, more specifically, Samir Rao knew that, in fact, the representations made to LifeLine regarding Ozy Media were untrue and that Rao had fail to disclose material information about Ozy Media to LifeLine. More particularly, Ozy Media knew, but failed to disclose to LifeLine that on February 2, 2021 the company, through Samir Rao, engaged in fraudulent, deceptive and illegal conduct when Mr. Rao, while participating in a call with a potential high profile institutional investor, impersonated an executive of YouTube and misrepresented viewership of Ozy Media programming shown on YouTube. Ozy Media also failed to disclose that said high profile institutional investor refused to invest in Ozy Media after learning of said fraudulent conduct and that the company, as a result, was under investigation by various government agencies.” 

Plaintiff lists out five claims for relief. The first two claims are against Defendant Ozy Media and Samir Rao, respectively, for fraud in connection with the purchase or sale of securities violations of Section 10(b) of the Exchange Act and Rule 10b-5. The third and fourth claim are also against Defendant Ozy Media and Samir Rao, respectively, for fraud in the sale of securities violation of California Corporations Code § 25401, and, the fifth claim is against all Defendants for fraud by concealment. 

In the prayer for relief, Plaintiff requested the court to order the Series C SPA and the Series D SPA rescinded and require Defendant Ozy Media to repay to Plaintiff all sums paid by it pursuant to said agreements plus interest, all damages sustained, punitive damages against Defendants, and each of them based on the fraudulent concealment. Further, Plaintiff requested the court for an award for pre-judgment interest, reasonable attorneys’ fees, expert fees, court costs. 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    5:21-CV-07751

  • Filing Date:

    10/04/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Beth Labson Freeman

Referral Judge

Virginia K. DeMarchi

 

Party Details

Plaintiff

Lifeline Legacy Holdings, LLC

Defendants

Samir Rao

Ozy Media

Carlos Watson

Attorney/Law Firm Details

Plaintiff Attorneys

Craig Nelson Haring

Attorney at Blank Rome LLP

2029 Century Park East, 6Th Floor

Los Angeles, CA 90067

Gregory Mark Bordo

Attorney at BLANK ROME LLP

2029 Century Park East, 6Th Floor

Los Angeles, CA 90067

Christopher Jens Petersen

Attorney at Blank Rome LLP

2029 Century Park East - 6Th Floor

Los Angeles, CA 90067

Defendant Attorneys

August P. Gugelmann

Attorney at Swanson & McNamara LLP

300 Montgomery Street, Suite 1100

San Francisco, CA 94104

Edward W. Swanson

Attorney at Swanson & McNamara LLP

300 Montgomery St., Suite 1100

San Francisco, CA 94104

William J Edelman

Attorney at Delahunty & Edelman LLP

4 Embarcadero Ctr., Suite 1400

San Francisco, CA 94111

Hartley M.K. West

Attorney at Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

 

Court Documents

#28

(#28) CERTIFICATE OF SERVICE by Lifeline Legacy Holdings, LLC re #18 Amended Complaint, #20 Summons Issued re Samir Rao (Bordo, Gregory) (Filed on 11/12/2021) (Entered: 11/12/2021)

#27

(#27) CERTIFICATE OF SERVICE by Lifeline Legacy Holdings, LLC re #18 Amended Complaint, #20 Summons Issued re; Ozy Media (Bordo, Gregory) (Filed on 11/12/2021) (Entered: 11/12/2021)

#26

(#26) NOTICE of Appearance by August P. Gugelmann for Samir Rao (Gugelmann, August) (Filed on 11/9/2021) (Entered: 11/09/2021)

#25

(#25) NOTICE of Appearance by Edward W. Swanson for Samir Rao (Swanson, Edward) (Filed on 11/9/2021) (Entered: 11/09/2021)

#24

(#24) NOTICE of Appearance by Hartley M.K. West for Defendant Carlos Watson (West, Hartley) (Filed on 11/9/2021) (Entered: 11/09/2021)

#23

(#23) STIPULATION to Extend Time to Respond to the Complaint filed by Ozy Media, Lifeline Legacy Holdings, LLC, Samir Rao, Carlos Watson. (Edelman, William) (Filed on 11/9/2021) Modified on 11/9/2021 (cjl, COURT STAFF). (Entered: 11/09/2021)

#22

(#22) NOTICE of Appearance by William J Edelman for Defendant OZY Media (Edelman, William) (Filed on 11/9/2021) (Entered: 11/09/2021)

#20

(#20) Summons Issued as to Ozy Media, Samir Rao, Carlos Watson. (cjl, COURT STAFF) (Filed on 10/27/2021) (Entered: 10/27/2021)

#19

(#19) Proposed Summons. (Bordo, Gregory) (Filed on 10/26/2021) (Entered: 10/26/2021)

#18

(#27) CERTIFICATE OF SERVICE by Lifeline Legacy Holdings, LLC re #18 Amended Complaint, #20 Summons Issued re; Ozy Media (Bordo, Gregory) (Filed on 11/12/2021) (Entered: 11/12/2021)

17 #1

Notice of Eligibility for Video Recording

17 #17

Main Document

#15

No Description Available

#13

No Description Available

#12

No Description Available

#11

No Description Available

#10

No Description Available

14 More Documents Available
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Docket Entries

  • 11/12/2021
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  • Docket(#28) CERTIFICATE OF SERVICE by Lifeline Legacy Holdings, LLC re #18 Amended Complaint, #20 Summons Issued re Samir Rao (Bordo, Gregory) (Filed on 11/12/2021) (Entered: 11/12/2021)

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  • 11/12/2021
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  • Docket(#27) CERTIFICATE OF SERVICE by Lifeline Legacy Holdings, LLC re #18 Amended Complaint, #20 Summons Issued re; Ozy Media (Bordo, Gregory) (Filed on 11/12/2021) (Entered: 11/12/2021)

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  • 11/09/2021
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  • Docket(#26) NOTICE of Appearance by August P. Gugelmann for Samir Rao (Gugelmann, August) (Filed on 11/9/2021) (Entered: 11/09/2021)

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  • 11/09/2021
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  • Docket(#25) NOTICE of Appearance by Edward W. Swanson for Samir Rao (Swanson, Edward) (Filed on 11/9/2021) (Entered: 11/09/2021)

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  • 11/09/2021
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  • Docket(#24) NOTICE of Appearance by Hartley M.K. West for Defendant Carlos Watson (West, Hartley) (Filed on 11/9/2021) (Entered: 11/09/2021)

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  • 11/09/2021
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  • Docket(#23) STIPULATION to Extend Time to Respond to the Complaint filed by Ozy Media, Lifeline Legacy Holdings, LLC, Samir Rao, Carlos Watson. (Edelman, William) (Filed on 11/9/2021) Modified on 11/9/2021 (cjl, COURT STAFF). (Entered: 11/09/2021)

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  • 11/09/2021
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  • Docket(#22) NOTICE of Appearance by William J Edelman for Defendant OZY Media (Edelman, William) (Filed on 11/9/2021) (Entered: 11/09/2021)

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  • 10/27/2021
  • Docket(#21) CLERK'S NOTICE RESETTING CASE MANAGEMENT CONFERENCE AFTER REASSIGNMENT. Case Management Statement due by 2/24/2022. Initial Case Management Conference set for 3/3/2022 11:00 AM in San Jose, Courtroom 3, 5th Floor. (This is a text-only entry generated by the court. There is no document associated with this entry.) (tsh, COURT STAFF) (Filed on 10/27/2021) (Entered: 10/27/2021)

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  • 10/27/2021
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  • Docket(#20) Summons Issued as to Ozy Media, Samir Rao, Carlos Watson. (cjl, COURT STAFF) (Filed on 10/27/2021) (Entered: 10/27/2021)

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  • 10/26/2021
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  • Docket(#19) Proposed Summons. (Bordo, Gregory) (Filed on 10/26/2021) (Entered: 10/26/2021)

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9 More Docket Entries
  • 10/05/2021
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  • Docket(#9) Initial Case Management Scheduling Order with ADR Deadlines: Case Management Statement due by 12/28/2021. Initial Case Management Conference set for 1/4/2022 01:30 PM in San Jose, Courtroom 2, 5th Floor. (cjlS, COURT STAFF) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
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  • Docket#Electronic filing error. Summons is incomplete. [err201] This filing will not be processed by the clerks office. Please re-file in its entirety. Re: #2 Proposed Summons filed by Lifeline Legacy Holdings, LLC. (cjlS, COURT STAFF) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
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  • Docket(#8) Certificate of Interested Entities by Lifeline Legacy Holdings, LLC identifying Other Affiliate Life Line Family Heritage Fund I, L.P., Other Affiliate LifeLine Legacy Holdings LLC for Lifeline Legacy Holdings, LLC. (Bordo, Gregory) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
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  • Docket(#7) Rule 7.1 Disclosures by Lifeline Legacy Holdings, LLC (Bordo, Gregory) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
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  • Docket(#6) NOTICE of Appearance by Gregory Mark Bordo for Plaintiff Lifeline Legacy Holdings LLC (Bordo, Gregory) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
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  • Docket(#5) NOTICE of Appearance by Christopher Jens Petersen (Petersen, Christopher) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/05/2021
  • Docket(#4) Case assigned to Magistrate Judge Virginia K. DeMarchi. Counsel for plaintiff or the removing party is responsible for serving the Complaint or Notice of Removal, Summons and the assigned judge's standing orders and all other new case documents upon the opposing parties. For information, visit E-Filing A New Civil Case at http://cand.uscourts.gov/ecf/caseopening.Standing orders can be downloaded from the court's web page at www.cand.uscourts.gov/judges. Upon receipt, the summons will be issued and returned electronically. Counsel is required to send chambers a copy of the initiating documents pursuant to L.R. 5-1(e)(7). A scheduling order will be sent by Notice of Electronic Filing (NEF) within two business days. Consent/Declination due by 10/19/2021. (anjS, COURT STAFF) (Filed on 10/5/2021) (Entered: 10/05/2021)

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  • 10/04/2021
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  • Docket(#3) Civil Cover Sheet by Lifeline Legacy Holdings, LLC . (Haring, Craig) (Filed on 10/4/2021) (Entered: 10/04/2021)

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  • 10/04/2021
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  • Docket(#2) Proposed Summons. (Haring, Craig) (Filed on 10/4/2021) (Entered: 10/04/2021)

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  • 10/04/2021
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  • Docket(#1) COMPLAINT (with jury demand) (no process) against All Defendants (Filing fee $ 402, receipt number 0971-16462119). Filed by Lifeline Legacy Holdings, LLC. (Haring, Craig) (Filed on 10/4/2021) Modified on 10/5/2021 (cjlS, COURT STAFF). (Entered: 10/04/2021)

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