LOS ANGELES, CALIFORNIA / ACCESS Newswire / April 16, 2025 / Sprngboard, Inc., a Los Angeles-based music tech start-up, has filed a lawsuit in California Superior Court against DelMorgan Group, LLC and its affiliate Globalist Capital, LLC (referred to collectively as "DelMorgan"). The lawsuit, filed under Case No. 25SMCV01174, brings claims for breach of contract, intentional misrepresentation, false promise, and breach of the implied covenant of good faith and fair dealing.
The complaint alleges that Sprngboard hired DelMorgan in July 2023 as its exclusive advisor for a $10 million capital raise to acquire required ticketing technology and to support a partnership with a major concert promoter, paying a $150,000 engagement fee for a four-month, customized campaign targeting institutional investors. However, according to the lawsuit, DelMorgan failed to deliver on its promises, providing "repackaged" materials to an undifferentiated group of investors and arranging only one meeting with a venture capital firm that asked Sprngboard's principles to clarify DelMorgan's involvement with the capital raise. Sprngboard accuses DelMorgan of breach of contract, false promises, and intentional misrepresentation, claiming DelMorgan knowingly misled them about its services and capabilities. The complaint also alleges a "bait and switch" strategy in which DelMorgan secures multiple rounds of payment-initial fees, pre-institutional funding arrangements, and transaction fees-without providing meaningful marketing or funding support, instead capitalizing on a broad list of "covered" parties to claim entitlements even with minimal involvement.
Sprngboard seeks the return of the initial engagement fee, damages for lost time and opportunities, and the recovery of legal costs.
In light of her experience, Sprngboard's CEO has set up a website, delmorganco-review.com, to outline her personal experience with DelMorgan.
About Sprngboard, Inc.
Sprngboard is a Los Angeles-based tech start-up focused on leveraging Web3 technology to create new tools for the music industry. The company aims to transform how artists engage with fans and monetize live performances through innovative solutions in ticketing, community building, and revenue generation.
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SOURCE: Sprngboard, Inc.
