LOS ANGELES, Aug. 3, 2021 /PRNewswire/ -- According to a lawsuit filed in LA County, there's an untold story behind one of fintech's most valuable unicorns. The lawsuit claims Dave.com has been concealing the existence of one of its co-founders and his ownership in the company from its investors ahead of the upcoming $4 billion IPO of the Mark Cuban-backed fintech company. Zack Martinsek, a co-founder of the company, created the technology that launched Dave in 2017.
"Zack was not just a co-founder, he was the one who was instrumental in launching the platform that helped pave the way for dave.com's $4B IPO," said Alan Romero, attorney for the plaintiff. "He was pushed out of the company without any meaningful basis and his vested ownership in the company was stolen." The lawsuit can be viewed here: https://www.scribd.com/document/517607847/Zack-Martinsek-v-Dave-com-First-Amended-Complaint
Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million subscribers. The app uses an algorithm to predict a user's ability to repay loans based on their checking account and income history. The company doesn't not charge overdraft fees, instead charging a monthly fee to use the app and giving the option to voluntarily "tip" after getting a loan.
Alan Romero, a 2020 CAALA Trial Lawyer of the Year Finalist, is the principal and lead trial attorney of Romero Law, APC. Mr. Romero's notable jury verdicts include a historic $8.1MM jury verdict in a Fair Employment and Housing case arising out of public corruption in the Los Angeles County Sheriff's Department in 2019, the largest employment-related verdict against the Department and one of the largest public employee verdicts of all time. Mr. Romero represents California whistleblowers and employees who have been victims of workplace retaliation, discrimination, and harassment. Mr. Romero has achieved various optimal results for clients at the trial and appellate levels and is currently representing a number of whistleblower Deputies who have uncovered a secret, violent criminal gang inside the Los Angeles County Sheriff's Department. Alan Romero was also named one of LawDragon's 500 Leading Plaintiff Employment Lawyers in 2020.
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SOURCE Romero Law