An investor in Jumio Inc. sued Facebook Inc. co-founder Eduardo Saverin and other directors of the mobile-payment company accusing them of mismanaging the startup and duping shareholders about its prospects, Bloomberg News reported yesterday. Bad management drove the Palo Alto, Calif.-based company into bankruptcy after it was forced in 2015 to restate two years’ worth of earnings, shareholder Bloso Investments Ltd. said in the complaint filed in Delaware Chancery Court. Saverin, who became a billionaire through Facebook’s initial public offering, extolled Jumio in 2012 as growing faster in its infancy than the social-media network he helped create in 2004, and predicted the company would be highly profitable. Saverin’s statements and ones made by other directors misled Bloso officials about Jumio’s operations and duped them into investing $5 million in the company, according to the lawsuit filed Sept. 29.
