This case was last updated from PACER on 10/06/2021 at 05:08:39 (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

 

Party Details

Plaintiff

Lifeline Legacy Holdings, LLC

Defendants

Ozy Media, Inc.

Samir Rao

Attorney/Law Firm Details

Plaintiff Attorney

Craig Nelson Haring

Attorney at Blank Rome LLP

2029 Century Park East, 6Th Floor

Los Angeles, CA 90067

 

Court Documents

#3

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

#2

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

#1

(#1) COMPLAINT against All Defendants ( Filing fee $ 402, receipt number 0971-16462119.). Filed byLifeline Legacy Holdings, LLC. (Haring, Craig) (Filed on 10/4/2021) (Entered: 10/04/2021)

 

Docket Entries

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

    Read MoreRead Less
  • 10/04/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against All Defendants ( Filing fee $ 402, receipt number 0971-16462119.). Filed byLifeline Legacy Holdings, LLC. (Haring, Craig) (Filed on 10/4/2021) (Entered: 10/04/2021)

    Read MoreRead Less