Kasowitz Client Mozido Defeats Appconomy’s Motion to Dismiss in Securities Fraud Claim
Kasowitz has secured a victory on behalf of cloud-based mobile financial services company Mozido, successfully defeating the motion to dismiss a suit by Appconomy alleging securities fraud, breach of contract and unjust enrichment, among other claims. As alleged in its complaint, Mozido invested $6.5 million in software companies and individuals that collectively do business as “Appconomy,” specializing in mobile marketing and shopping applications, based on fraudulent misrepresentations by Appconomy’s co-founders about its business. The U.S. District Court for the Western District of Texas rejected Appconomy’s arguments that Mozido failed to state a claim, and confirmed that Mozido identified recoverable damages and sufficiently described its injury.
“The court agreed with Mozido and soundly rejected Appconomy’s attempt to dismiss Mozido’s claim for securities fraud and attempt to avoid litigating in federal court,” said Kasowitz partner Constantine “Dean” Z. Pamphilis. “We are very pleased with the result.”
The Kasowitz team representing Mozido is led by partner Constantine “Dean” Z. Pamphilis, assisted by associate Nathan W. Richardson.