A planned merger between Semler Scientific and Strive, an asset management company now focused on Bitcoin
The proposed deal, backed by Strive’s founder Vivek Ramaswamy, has prompted legal action from an investor who claims the company did not provide enough transparency.
The lawsuit was filed in the US District Court for the Northern District of Illinois by shareholder Terry Tran. Tran has accused Semler’s leadership of not sharing complete financial information with investors ahead of the vote on the merger.
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At the center of the case are allegations that the materials sent to shareholders may have violated federal rules. Specifically, the suit cites Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, which relate to false or incomplete information shared in official documents and the accountability of corporate executives.
Tran argues that Semler’s board, including CEO Douglas Murphy-Chutorian and directors Eric Semler, William Chang, and Daniel Messina, failed to clearly present the financial risks and benefits of the deal.
According to the court filing, the lack of detail may mislead investors and affect their ability to make an informed decision.
The investor is asking the court to delay the merger process until the company releases clearer, more detailed disclosures.
Meanwhile, Australia’s Minister for Cybersecurity and Home Affairs, Tony Burke, is considering changes that could empower the country’s financial intelligence agency to restrict or ban the use of crypto ATMs. What does the proposed law state? Read the full story.
