JPMorgan alleges in a lawsuit that Frank CEO Charlie Javice lied about her startup's success in order to entice the bank to purchase the company.
in April 2020 and the startup was acquired by JPMorgan Chase in September 2021 for a then unreported amount of money., with JPMorgan now regretting their $175 million purchase of Frank. JPMorgan claimed in a lawsuit filed in December that Frank CEO Charlie Javice swindled the megacorporation in true Elizabeth Holmes fashion when she approached JPMorgan for a sale.
had early proven success,” JPMorgan says in its complaint against Javice, which was filed in Delaware under case number 1:22-cv-01621-MN. “But to cash in, Javice decided to lie, including lying about Frank’s success, Frank’s size, and the depth of Frank’s market penetration in order to induce [JPMorgan Chase] to purchase Frank for $175 million.”
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