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The law firm Walden Macht & Haran LLP has filed a lawsuit on behalf of former AudioEye executive David Kovacs against AudioEye, its CEO David Moradi, and Executive Chairman Dr. Carr Bettis, among others. The lawsuit alleges Kovacs was wrongfully terminated for refusing to partake in a stock manipulation scheme devised by Moradi and supported by Bettis.
Kovacs, hired by AudioEye in 2014, claims he was terminated on January 17, 2024, after declining illegal activities intended to inflate the company's stock price. The lawsuit states that AudioEye's stock price surged 400% since Kovacs' termination, without substantial public information justifying such a rise, indicating possible manipulation. Kovacs also reported the scheme to the SEC.
The lawsuit outlines that Moradi, leveraging non-public information, aimed to inflate AudioEye’s share price through insider trading and fake reviews. The scheme supposedly allowed Moradi and his associates to profit significantly by selling shares at inflated prices.