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Friday, June 5, 2020

Report: Brett Favre being sued for $16 million by investor in failed social network

Brett Favre HOF speech

Brett Favre was part of a group that started a social media network for athletes years ago, and the idea never really took off. It’s unclear how much money — if any — Favre lost, but he could stand to lose up to $16 million in a new lawsuit.

According to court documents obtained by The Blast, Favre and the executives from Sqor Sports are being sued by a company called Callais Capital Management. The company claims it invested $16 million into Sqor Sports after being pitched with a series of “negligently and/or fraudulently misrepresented” ideas.

Favre spoke about Sqor in an interview three years ago, noting how it was similar to other social media networks but would provide athletes with an opportunity to profit from their brands. The lawsuit states that Sqor representatives lied to CCM by providing baseless growth projections and in some cases outright lying.

Here’s more:

Further, CCM claims that Sqor “materially misrepresented” they had over 325 million fans (users) and their social reach was over 350 million. They even claimed the Sqor “went so far as to misrepresent” their social media platform’s user growth metrics exceeded that of Twitter and LinkedIn. …

…Sqor even claimed to CCM other athletes — like Conor McGregor, Rob Gronkowski, Odell Beckham Jr., Allen Iverson and others — were using the network and were bringing in millions of impressions. The suit says none of the athletes were actually using Sqor and the millions in impressions was a lie.

CCM is claiming Favre and the other investors in Sqor violated the Securities Exchange Act of 1934, and the company is suing for its $16.75 million investment plus damages. Sqor is no longer available for download as an app and social media sites for the company have not been updated.

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