Palantir Blocked Investors From Selling Stock, Lawsuit Claims

A longtime investor has filed suit against Silicon Valley startup Palantir, claiming the company has routinely misled shareholders and kept them from selling shares. In its suit, investment firm KT4 Partners says Palantir deprived investors of basic information, and “engaged in a pattern and practice” of blocking attempts to sell stock. KT4 Partners also said Palantir had showered one brokerage firm with commissions, even though that firm does no work at all. Palantir, which analyzes data for government agencies and major corporations, has been valued at $20 billion. The firm says it wants Palantir to hand over its financial records so it can investigate whether executives have engaged in “improper and illegal conduct” to harm minority shareholders. In response to questions, Palantir pointed Buzzfeed News to a lawsuit it filed against Marc Abramowitz, managing member of KT4, claiming he stole IP from the company.