Ondo Finance Late Founder's Mother Files Lawsuit Seeking to Take Over Company and Oust Current CEO

TechFlow news, August 07, according to The Block, Kathleen Allman, mother of late Ondo Finance founder Nathan Allman, has filed a lawsuit with the Delaware Court of Chancery, seeking to gain control of the company and requesting the removal of Ian De Bode from his positions as Chief Executive Officer and President.

The complaint states that after Nathan Allman's death, De Bode acted externally as Chief Executive Officer without board approval and attempted to establish his control over the company. Kathleen Allman claims that, as the personal representative of Nathan Allman's estate, she holds controlling voting rights in the company and based on this seeks to restructure the board and remove De Bode.

In response, De Bode stated that the relevant allegations are "baseless" and indicated that the company currently continues to receive support from key stakeholders, major investors, and the Ondo Foundation.