Crypto Investor Sues Sports Illustrated Owner, Alleging Share Sale Block as CEO Sold Out
-
Crypto investor Brock Pierce claims he was prevented from selling $17M stake in The Arena Group, owner of Sports Illustrated, as share price fell.
-
Pierce alleges Arena CEO Ross Levinsohn stonewalled him while selling his own shares. Levinsohn denies selling any shares.
-
Pierce has sued Arena, seeking tens of millions in damages, and tapped Elon Musk's lawyer Alex Spiro.
-
A win could help Pierce wrest control of Sports Illustrated from Levinsohn.
-
Arena recently agreed to sell a 65% stake to 5-Hour Energy founder Manoj Bhargava, a deal not yet closed.