Pravati Capital is funding whistleblower claim against Snapchat

In what may be the first U.S. case where a litigation funder’s investment is acknowledged publicly, Pravati Capital has announced that it is funding a federal whistleblower claim against Snap, Inc.

“I think we’re the first publicly announced portfolio litigation funding deal,” said John Pierce, a Los Angeles lawyer who represents whistleblower Anthony Pompliano in the case. That allows an elite start-up firm like us to grow more rapidly than we otherwise would to take on larger cases than we otherwise would.” Pierce insists he is going public with the deal to alert Snapchat to the fact that the plaintiff does indeed have access to the financing and resources necessary to take the case “to the finish line.”

Bloomberg is reporting that Anthony Pompliano, who led the user growth and engagement team at Snapchat for a mere three weeks before being fired, claims he was let go because he refused to help Snapchat executives misrepresent the size of its user base. Pompliano also claims that Snap smeared his reputation upon firing him, as they geared up for their recent IPO. He is seeking a minimum of $10 million in compensatory damages as well as punitive damages and an injunction ordering Snapchat to stop maligning his reputation.

Full article here.

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