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NEW YORK (Reuters) - A group of founders, executives and early employees of Tinder on Tuesday sued IAC/InterActiveCorp (IAC.O), claiming the parent company deliberately undervalued the dating app to avoid paying them billions of dollars and deprived some employees of stock options. The lawsuit filed in state Supreme Court in Manhattan stated that IAC and its subsidiary Match Group Inc (MTCH.O) deliberately prevented the plaintiffs from cashing in stock options they could exercise and sell to IAC. They are seeking damages of not less than $2 billion.

“The defendants made contractual promises to recruit and retain the men and women who built Tinder,” Orin Snyder, a lawyer for the plaintiffs, said in gold rebel symbol cufflinks a statement, “The evidence is overwhelming that when it came time to pay the Tinder employees what they rightfully earned, the defendants lied, bullied, and violated their contractual duties, stealing billions of dollars,” he said, IAC and Match Group said the allegations in the complaint “are meritless and we intend to vigorously defend against them.”..

The plaintiffs, including Tinder founders Sean Rad, Justin Mateen and Jonathan Badeen and several executives and employees were given stock options in Tinder as part of their compensation in 2014, according to the lawsuit. Because Tinder is a private company, they were not able to exercise their options and then sell stock on the open market. Instead, they were allowed to exercise their options and sell only to IAC and Match on four specific dates, in 2017, 2018, 2020 and 2021, on which the stock options would be independently valued, according to the lawsuit.

Match and IAC, which owns 80 percent of Tinder-owner Match, appointed Greg Blatt, Match’s then chairman and chief executive, as interim CEO of Tinder in 2016, The plaintiffs said this allowed the two companies to “control the valuation of Tinder.”, The plaintiffs claimed that IAC and Match engaged in a “disinformation campaign” to obtain a “bogus” $3 billion gold rebel symbol cufflinks valuation for the 2017 date, Some plaintiffs who had left the company were contractually forced to exercise their options using that valuation, according to the lawsuit, while other plaintiffs kept their options..

(Reuters) - Home Depot Inc’s (HD.N) profit and revenue topped estimates on Tuesday despite signs of a slowdown in the housing market, boosted by a rebound in demand for seasonal products and as shoppers spent more to remodel their homes. The No. 1 U.S. home improvement chain also raised its earnings and revenue forecasts for the year. Consumers are investing in their homes, even as higher mortgage rates and rising real estate prices have hurt home sales this summer. Sales of new U.S. single-family homes fell to an eight-month low in June and data for the prior month was revised sharply lower, the latest indication the housing market was slowing down.

“The (company’s) sales strength is likely to garner the most attention as we sense there had gold rebel symbol cufflinks been some fear recently that the overall macro picture had been slowing down,” Stifel analyst John Baugh said in a note, Home Depot Chief Executive Officer Craig Menear sought to allay those concerns, saying the U.S, economy and the factors that drive home-improvement spending remained strong, “We feel very positive about the strength of the home improvement sector and the customers’ willingness to spend.”..

Homeowners are spending more as prices appreciate and they view their homes as an investment and not an expense, Menear said. Home equity values have increased over 120 percent since 2011 in the United States, about $73,000 per owner in terms of equity, he said. He did not cite the source of the data. Second-quarter sales rebounded from the first quarter when cooler-than-usual weather in some parts of the United States hurt demand for spring season products. Menear said a majority of seasonal sales that were lost in the first quarter were recovered in the second. Lumber, indoor and outdoor garden products, lawn-mowers, patio furniture, ceiling fans, interior and exterior paint all posted strong growth.

The retailer said it is witnessing inflationary pressures in the form of rising raw material and transportation costs, The tariffs on Canadian lumber and washing machines imported from China recently imposed by the Trump administration have been manageable, it said, increasing by the low single-digit percentages the cost of goods sold, Home Depot raised its full-year earnings forecast to $9.42 per share from $9.31, It also expects comparable sales growth of about 5.3 percent, up from a previous gold rebel symbol cufflinks forecast of 5 percent, and total sales growth of about 7 percent, from 6.7 percent earlier..

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