Former Meridian brokers Ari Adlerstein and Josh Tzvi Simpson are suing the company over the $425 million sale of NewPoint Capital to Benefit Street Partners. They claim that the firm's management, including founder Ralph Herzka, misled them regarding their investment in Bravo, a controlling company for NewPoint. They allege the rapid sale was motivated by Meridian's financial collapse after Fannie Mae and Freddie Mac blacklisted the company, while claiming that the deal was detrimental to shareholder interests.
Ari Adlerstein and Josh Tzvi Simpson, former brokers of Meridian, are suing the company over the $425 million sale of NewPoint Capital, claiming lack of information.
The lawsuit reportedly highlights how Meridian allegedly sold NewPoint at fire-sale prices due to pressure from its lead investor, Stone Point Capital.
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