immediate effect: Avid Life Media announced on Friday that CEO Noel Biderman, who founded the website in 2001, had left the company with immediate effect, the latest sign of the wrenching impact on the company of the attack, which led to the disclosure of sensitive data about millions of clients, according to The Japan Times. In an April 2015 letter addressed to all its investors, closely held Avid Life acknowledged that some investors had pressed it to improve liquidity so they could sell shares. Some unnamed investors wanted out, multiple attempts to close a deal or raise funds failed, and a public market debut looked increasingly unlikely, the documents show. The company said it would buy back up to $10 million worth of shares. Reuters could not independently verify the authenticity of the email messages and internal documents. Over the last couple of years, we have not been successful in exploring various alternatives including a sale of the business and seeking debt from third parties, said the letter, signed by the board of directors.
(news.financializer.com). As
reported in the news.
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