Match, IAC Covered Up Sexual Misconduct, Legal Filing Says
Bloomberg 1 hr ago © Bloomberg Match Group Inc. Applications Ahead Of Earnings Released
(Bloomberg) IAC/InterActiveCorp. and Match Group Inc. are being accused of covering up sexual misconduct allegations against a former chief executive officer as part of a broader scheme to manipulate the valuation of dating app Tinder in 2017, according to new motions filed in New York Supreme Court.
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Lawyers say Tinder’s parents, IAC and Match at the time, are concealing documents relevant to an ongoing $2 billion lawsuit regarding the company’s valuation. Sean Rad, the co-founder and former CEO of the popular dating app, and other early employees claim in the lawsuit that IAC cheated them by purposefully suppressing Tinder’s valuation. That meant their shares were worth less, they argued, and that IAC didn’t have to pay them as much when they decided to cash out. The three-year-old case is set to g
IAC (IAC) Completes Spin-Off Of Vimeo (VMEO)
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Vimeo, Inc. (NASDAQ: VMEO) has debut on the Nasdaq exchange today under the ticker VMEO. Due to the spin-off IAC’s interest in Vimeo is now directly held by IAC (NASDAQ: IAC) shareholders as Vimeo is a separate public traded company. This is the 11th public company from IAC in a continuation of a model that has created over USD 100 Billion of shareholder value over the last 25 years. “It appears there is validation in repetition,” said Barry Diller, Chairman and Senior Executive of IAC. “On to the 12th.”
“The evolution of Vimeo into a thriving independent public company is the embodiment of the IAC way,” said IAC CEO and Vimeo Chairman Joey Levin. “We are enormously grateful to all the brilliant people, beginning with Jacob Lodwick many years ago, who’ve made this journey possible. Now we get back to our favorite part building the next one.”
% (a) As of the date of this document, the Company has not yet completed its financial close process for April 2021. As a result, the information herein for April 2021 is preliminary and based upon information available to the Company as of the date of this document. During the course of the financial close process, the Company may identify items that would require it to make adjustments, which may impact growth rates and be material to the information presented above.
Free Cash Flow For the three months ended March 31, 2021, net cash from operations decreased $40.6 million to $15.3 million and Free Cash Flow decreased $46.1 million to negative $3.4 million due primarily to lower Adjusted EBITDA and unfavorable working capital.
Executive Vice President and Chief Financial Officer
Good morning, everyone. Glenn Schiffman here, and welcome to the IAC and Angi Inc. First Quarter earnings presentation. Joining me today is Joey Levin, CEO of IAC and Chairman of Angi; and Oisin Hanrahan, CEO of Angi, Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IAC has published its quarterly shareholder letter. We will not be reading the shareholder letter on this in this presentation. It is currently available on the Investor Relations section of IAC s website. I will shortly turn the call over to Joey to make a few brief introductory remarks, and then we ll open it up to Q&A.
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