Investor Adir Shiffman loses Sleeping Duck lawsuit
In a much anticipated judgment delivered late Friday, Supreme Court of Victoria Judge Jim Delaney rejected Adir Shiffman's case against Sleeping Duck.
Prominent startup investor Adir Shiffman has lost his lawsuit against against one of his own portfolio companies, Sleeping Duck, after a Supreme Court judge ruled in favour of the online mattress company in the long running dispute.
In the bitterly fought case, Shiffman had claimed that he had been “oppressed” by the Sleeping Duck founders, Selvam Sinappan and Winston Wijeyeratne, who Shiffman alleged had excluded him from an agreed role where he would be an active adviser in the company following his investment.
He was seeking monetary compensation including a share buyout, but now faces the prospect of a significant legal bill following the lengthy trial. Shiffman did not respond to a request for comment before publication. It is not clear whether he will appeal the ruling.
In his ruling, Supreme Court of Victoria Judge Jim Delaney said there had been no oppression as Shiffman claimed, and further no breach of an exit agreement as no such agreement had ever been reached.
