Update: On January 17, 2013, United States District Judge Thomas S. Zilly DISMISSED the lawsuit against me, my former company Motricity, others on the executive team, its board and underwriters.
Read more on the Ryan Wuerch Blog
Motricity and I parted ways in the summer of 2011 but I’m extremely proud of the company and its employees and all we achieved together. I had an idea in early 2001 to create a global leader in mobile data solutions and services and it became Motricity. Over the past decade, we built an enterprise with more than $100 million in revenue and a market value that exceeded $1 billion.
We had many goals along the way, such as:
- Creating industry-leading technology that would enable the largest mobile operators to deliver mobile data and content.
- Providing employment to hundreds of extremely talented employees.
- Taking the company through each stage of growth, including the capital markets.
- Delivering a strong return for our investors and creating a company with a value greater than a billion dollars.
I’m proud to say that we achieved each of those goals.
Some investors have sued Motricity and raised distasteful and untrue allegations about me and the company, among others. But, many people had great experiences with Motricity, including hundreds of employees who earned a good livelihood, customers who were provided beneficial technology and services, and many investors who received significant returns.
Someone I don’t know has created a website with my name that says some nasty and untrue things about me and the company. No one is taking credit for creating this site.
I’m prohibited from saying much about the class-action lawsuit, but here’s what I can share: I’m one of 10 people and eight companies named in the lawsuit. Motricity’s lawyers and I believe the suit is without merit.
The fact is: I’m proud of what Motricity accomplished under my watch. I founded Motricity and spent nearly a decade building it into a business that was valued at more than $1 billion.
When I left, I still owned a majority of the stock I had when the company went public in 2010. I still own much of the stock today. When Motricity’s stock dropped, it’s likely that very few could have lost more than me.
In short, this is how Motricity’s lawyers characterize the lawsuit: “the Complaint’s defects are numerous and its merits nonexistent.’’
The same can be said of the website created to defame my name.