CHADHA v. WAHEDNA

Index No. 652818/20, Appeal No. 16175, Case No. 2021-02705.

206 A.D.3d 523 (2022)

171 N.Y.S.3d 87

2022 NY Slip Op 04089

Nilish Chadha, Individually and Derivatively on Behalf of Wahed Inc., Appellant, v. Junaid Wahedna et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided June 23, 2022.


Attorney(s) appearing for the Case

Goldberg Segalla LLP, New York ( Adam S. Katz of counsel), for appellant.

Lowenstein Sandler LLP, New York ( Gavin J. Rooney and Craig Dashiell of counsel), for respondents.

Concur—Renwick, J.P., Kern, Kennedy, Mendez, Higgitt, JJ.


Plaintiff alleges that defendants engaged in a fraudulent scheme to buy his shares in Wahed Inc. at deeply discounted values by fraudulently inducing him to enter into a series of stock repurchase agreements, misrepresenting the value of his shares, and, in breach of fiduciary duties owed to him, failing to disclose higher share prices that were being negotiated with third-party investors at the time. Plaintiff also alleges that he and Wahed eventually entered into a settlement...

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