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According to the suit, IAC and Match installed Blatt as Tinder's CEO ahead of the valuation process in order to paint to the banks conducting the valuation a more pessimistic view of Tinder's growth.The suit alleges that Match and IAC downplayed the impact of significant product features that Tinder was set to introduce, like a change that allowed a wider user base, as well as Tinder Gold, a premium version of the app that significantly increased revenue.Today, the company says it sees 1.6 billion swipes a day and touts a total of over 20 billion matches.The suit claims that Rad and others created Tinder largely on their own time, and with their own money, while working on other projects at Hatch Labs, a business incubator IAC runs in New York.And then weeks later to the public they are saying how these features are the cornerstone of our growth." According to the suit, within one week of Tinder Gold's launch, Match's market value increased by

According to the suit, IAC and Match installed Blatt as Tinder's CEO ahead of the valuation process in order to paint to the banks conducting the valuation a more pessimistic view of Tinder's growth.The suit alleges that Match and IAC downplayed the impact of significant product features that Tinder was set to introduce, like a change that allowed a wider user base, as well as Tinder Gold, a premium version of the app that significantly increased revenue.Today, the company says it sees 1.6 billion swipes a day and touts a total of over 20 billion matches.The suit claims that Rad and others created Tinder largely on their own time, and with their own money, while working on other projects at Hatch Labs, a business incubator IAC runs in New York.And then weeks later to the public they are saying how these features are the cornerstone of our growth." According to the suit, within one week of Tinder Gold's launch, Match's market value increased by $1 billion.IAC defended the valuation process in its statement.

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According to the suit, IAC and Match installed Blatt as Tinder's CEO ahead of the valuation process in order to paint to the banks conducting the valuation a more pessimistic view of Tinder's growth.

The suit alleges that Match and IAC downplayed the impact of significant product features that Tinder was set to introduce, like a change that allowed a wider user base, as well as Tinder Gold, a premium version of the app that significantly increased revenue.

Today, the company says it sees 1.6 billion swipes a day and touts a total of over 20 billion matches.

The suit claims that Rad and others created Tinder largely on their own time, and with their own money, while working on other projects at Hatch Labs, a business incubator IAC runs in New York.

And then weeks later to the public they are saying how these features are the cornerstone of our growth." According to the suit, within one week of Tinder Gold's launch, Match's market value increased by $1 billion.

IAC defended the valuation process in its statement.

On an investor call about the earnings report, Match's CFO told investors it now expects Tinder to generate $800 million in revenue this year, which he called a "phenomenal achievement." The suit says that is 75% higher than the 2018 estimate used in the 2017 valuation.

billion.IAC defended the valuation process in its statement.

Rad was on the board at the time, but he told CNN that he'd been pushed out of the conversations and was put in a position where he couldn't ensure that the valuation and the information given to the banks were correct.The suit says they were told that if Tinder was successful they would receive a "founder friendly ownership" deal and would be given a majority the company.But once Tinder proved successful, they were given options worth only about 20% of the company, according to the suit.Four of the plaintiffs, who still work at Tinder, were put on paid administrative leave by the company on Tuesday, according to a source familiar with the matter.The dispute centers on an analysis of Tinder done in 2017 by Wall Street banks to set a value for stock options received by Sean Rad, a Tinder co-founder, and other early employees.

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