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Dozens of BuzzFeed employees sue company over botched IPO

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Dozens of current and former BuzzFeed employees have sued the company alleging that its mismanaged IPO cost them millions of dollars, according to copies of two separate complaints obtained by Axios.

Why it matters:

The second complaint's claimants are mostly former writers and other members of the BuzzFeed editorial staff. Sources tell Axios that Continental is still BuzzFeed's transfer agent, and that Continental has yet to be served either complaint. Continental declined to comment on the pending legal action.The first complaint represents 44 former and current BuzzFeed employees with 400,000 company shares. It says BuzzFeed collectively owes them more than $4.6 million in damages.

 

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