Wealthtech platform FNZ is facing a class action lawsuit in New Zealand’s High Court, filed by current and former employee-shareholders who allege that the company’s recent capital raises unfairly diluted their stakes in favour of institutional investors.
The legal claim, which seeks US$4.6bn (£3.4bn) in damages, centres on three FNZ fundraising rounds in 2024 and 2025. The lawsuit is being coordinated by law firm Meredith Connell, which has sought to contact other eligible shareholders, New Zealand's The Post reported. The legal claim was filed against FNZ and 17 of its current and former directors. Allegations include that the company's three fundraising rounds in 2024 and 2025 diluted shareholdings by offering institutional investors new shares and warrants on more favourable terms. According to the lawsuit, around one-third of FNZ'...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
