On Monday, September 28, Edwin Rosero filed a complaint in the California Superior Court, Los Angeles County, against Ali Razeghi, a Woodland Hills resident, and Immutable Labs, also known as Immutable AI, a California corporation, alleging that Razeghi failed to repay at least $500,000 in loans and diverted the money to a competing business. The suit also names 10 unidentified defendants.
According to the complaint, Rosero, a Los Angeles County resident, reached an agreement with Razeghi on or about April 25, 2023, to provide financial support and loans for the formation of Metex Labs, LLC, a Nevada company headquartered in Los Angeles County.
The filing states that Razeghi acknowledged in writing a $200,000 loan from Rosero and described it as secured. Rosero alleges the agreement also required Razeghi to reimburse him for taxes, fees, and costs resulting from selling cryptocurrency to fund the loans, and to cover any tax liability on Metex’s income account, which was held in Rosero’s name.
Rosero says he sold cryptocurrency and made additional loans, bringing the total to at least $500,000, a debt he alleges Razeghi acknowledged in writing.
The complaint alleges that, beginning in early January 2024, Razeghi made unauthorized transfers of money intended for Metex to himself and others, and used loaned funds to benefit Immutable. It states that on February 8, 2024, Razeghi acknowledged in writing that he was scheduling client pitches for Immutable. Rosero alleges he confronted Razeghi about the spending on February 2, 2024, after which Razeghi ceased Metex’s operations. Rosero states, on information and belief, that Metex no longer exists.
Rosero further alleges that Razeghi took Metex’s intellectual property, including patents, code, and algorithms, and used it to launch and promote Immutable. The complaint says Razeghi has not repaid any of the loans or reimbursed the cryptocurrency-related costs.
The filing also contends that Razeghi and Immutable share a unity of interest and that Immutable is Razeghi’s alter ego.
The complaint lists 11 causes of action: breach of contract, promissory estoppel, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duty, unfair business practices, fraud, conversion, misappropriation of trade secrets, two counts of unjust enrichment, and a demand for an accounting. The contract, promissory estoppel, good faith, fiduciary duty, and fraud claims are brought against Razeghi and the unnamed defendants. The remaining claims name all defendants.
Rosero seeks an accounting of the affairs of Razeghi, Immutable and Metex; compensatory damages of at least $500,000; prejudgment interest; punitive damages; and attorney’s fees and costs. He has demanded a jury trial.
Please contact BlockTribune for access to a copy of this filing.
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