Wednesday, August 26, 2009
Hydra Executives Clash, End Up in Court
Beverly Hills-based Hydra LLC, an Internet advertising company which has been seeing major growth in the last couple of years, has apparently hit a major snag, as the company has become embroiled in lawsuits associated with the departure of three of the four founding partners at the firm. According to a report in the Los Angeles Business Journal, the lawsuits stems from the firing of three of four of the firm's founding partners--Doug, Jason, and Adam Walker--by CEO Zac Brandenberg and investment firm Kayne Anderson Private Investors, L.P., which controls the company's board. The three fired partners claim that Hydra, which was projected to generate $150M in revenue in 2009, will be lucky to generate half that revenue this year. Hydra has also sued the Walkers over a noncompete agreement, after the Walkers formed a new online advertising firm, W4, after being fired.