11 March, 2016, Bangalore: According to the news published in Bloomberg, data analytics company Mu Sigma and its founder, Dhiraj Rajaram, have been accused in a lawsuit of ‘grossly misleading’ its investors, in order to buy back their shares at a lower price.
As per the current valuation, Mu Sigma is valued at US $1.5 billion after its last funding from Fidelity Investments. Aon founder and billionaire Patrick G Ryan has claimed that Mu Sigma founder Dhiraj Rajaram drastically played down Mu Sigma’s prospects in order to force Ryan’s investment firm Walworth Investments to sell back its stake in the company at a much lower price, according to an earlier media report on Thursday, reports ET.
While retaliating on the news, the spokesperson of MU Sigma stated in an email to media, “We are aware of the filing and believe the allegations to be without merit. We intend to vigorously defend the case, but decline to comment any further.” On the other hand, Ryan didn’t comment anything on the issue.
Media when contacted Rajaram on his phone, he declined to comment anything and redirected all the queries to his wife and CEO of MU Sigma, Ambiga Dhiraj. She also dodged all the queries stating that it is a legal matter now so, every step will go as per the legal norms of the country and Mu Sigma would defend the case.