Miller Barondess Files $125 Million Lawsuit Against Surf Air And Its Lenders

LOS ANGELES--()--Dave Eyerly sued Surf Air and its venture capital lenders—Velos Partners, Anthem Venture Partners and Base Ventures—on Thursday, alleging defendants “illegally diluted Dave’s 12.5 percent equity” in Surf Air, the company he founded with his brother, and caused him damages in excess of $125 million. Velos Partners was founded by Eduardo Saverin of Facebook fame, whose story is depicted in the movie “The Social Network.”

“Our client deserves the equity he was promised. We intend to recover that for him.”

Dave Eyerly came up with the idea for Surf Air—a subscription-based, passenger airline which operates regularly-scheduled flights out of smaller airports. Surf Air has been wildly successful since it began flight services in June 2013. According to the complaint, “[i]t is currently valued at more than $1 billion” and “is projected to grow seven-fold in the next five years and will be worth multiple billions of dollars.” Surf Air operates throughout California and is soon expanding around the country and internationally.

The complaint alleges that when Surf Air’s lenders “saw Surf Air’s value, they plotted to and did take over Surf Air for the purpose of misappropriating Dave’s equity. They orchestrated Dave’s termination, illegally diluted Dave’s 12.5 percent equity and concealed that from him. Dave was shocked when he learned that he owned only .75 percent of the company he conceptualized and founded.”

Per the complaint, “Defendants have defrauded Dave out of more than $125 million in Surf Air stock. They have violated his legal rights and taken what is not rightfully theirs.” According to Dave’s lawyer, Skip Miller, a partner at Miller Barondess, LLP in Los Angeles: “Our client deserves the equity he was promised. We intend to recover that for him.”

Case #: BC 600780

Contacts

Miller Barondess, LLP
Skip Miller, 310-552-5251
smiller@millerbarondess.com

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