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Solmate's largest stakeholder has filed suit against the Solana ($SOL) treasury firm's board, accusing directors Ron Sade and Keren Maimon of self-dealing and breaching their fiduciary duties.
The lawsuit centers on a share purchase in which the two board members allegedly bought approximately 2.298 million SLMT shares at $4.97 each for their personal accounts — a transaction the plaintiff says diluted the existing shareholder base by roughly 20%.
The Allegation: Directors Bought Stock in the Company They Governed The complaint names Sade and Maimon directly, framing their acquisition not as a routine insider purchase but as a conflicted transaction executed by the very people whose primary duty is to protect shareholder value.
Buying shares at a fixed price — in a volume sufficient to move the dilution needle by a full 20% — while simultaneously sitting on the issuing company's board is precisely the conduct that fiduciary duty rules are designed to prohibit.
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