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Nov 5, 2021

Aird & Berlis Secures Preservation Order Over Shares Held by the CEO of Facedrive Inc.

Timothy J. Hill, Max Muñoz, Amelia McLeod, Jose Garcia-Bonilla and Thomas A. Fenton

Aird & Berlis represents two individual plaintiffs who are former business partners of Suman Pushparajah, currently the CEO of Facedrive Inc. (“Facedrive”). The plaintiffs allege that, at Suman’s urging, they invested significant personal and corporate resources in Facedrive, in exchange for which they were to receive shares in Facedrive. It is alleged that Suman accepted funds from the plaintiffs which he used to acquire over 5.4 million Facedrive shares. When the plaintiffs later attempted to inquire as to when they might have access to their respective interests in these shares, Suman allegedly refused to provide them with any information. As a result, the plaintiffs brought a claim for, inter alia, damages of $100 million and a declaration that they were the rightful owners of the disputed shares.

After receiving information that Suman was disposing of some of the disputed shares, the plaintiffs brought an urgent motion, in front of Justice Gilmore, for the interim preservation of the disputed property, pursuant to Rule 45. On behalf of the plaintiffs, Aird & Berlis successfully argued that the disputed shares should be subject to the requested preservation order pending determination of the claim. Although the Court recognized Suman’s right to dispose of the disputed shares, the Court ordered that any sale of the shares by him must be made through a broker to arm’s length third parties for market value, and that all proceeds from any such sales must be paid into court pending determination of the dispute.

The Aird & Berlis team includes Tim Hill, Max Muñoz, Amelia McLeod (Litigation) and Jose Garcia-Bonilla (Articling Student), with background assistance from Tom Fenton (Capital Markets).

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