My company engaged Lockebridge to create a PPM and raise a series A round of financing. I also engaged them for consulting at a rate of $10,000 a month. After 2 months I still had not received a PPM and was very unhappy with the progress. After constant nagging I finally received the PPM which was horribly written with grammatical errors and items not relevant to my business. When passed to a confidant on my end, I was told that this PPM looked libelous and could get my in a world of legal trouble. I then went back to Lockebridge to ask them to fix it and they responded with accusations back at my company. They told me that I needed to lie to investors and tell them that I already had the business operating and that I was unfundable.
I terminated the relationship with them through my attorney and went on to raise the capital myself. After months of no contact I was served with a lawsuit claiming that I was in breach of contract, and they were entitled to a commission from the capital that I raised myself.in the documents that I signed with them, it was clearly stated that any legal issues would be settled through arbitration. They ignored this and took the route of trying to sue me instead. They told myself and my attorney that they would settle with us for all the money that we had in the bank because they knew that no other investor would touch us because of an open lawsuit with them. This was 100% blackmail and they acknowledged it as such. I had the case moved to federal court and eventually won, leaving them to try and seek arbitration with my company.
They have since attempted to sue me again in another jurisdiction hoping to once again blackmail me out of monies they are clearly not owed. If you are looking for honest reliable investment bankers that have your best interest at heart, stay away from these people. They are lazy, greedy pigs that look to prey on start ups that they think have no way to defend themselves against the disgusting vultures that they are. I hope this helps anyone so that they do not have to experience the viscous and despicable behavior that lockebridge has exhibited.
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