Home / Crime and Justice / Vision Firm Accuses Ashurst Perkins Coie of Malpractice
Vision Firm Accuses Ashurst Perkins Coie of Malpractice
18 Jul
Summary
- Lensabl seeks $50 million from Ashurst Perkins Coie for alleged due diligence failures.
- Law firm accused of not verifying buyer's ability to fund $29 million deal.
- Failed deal led to a distressed asset sale in 2024.
A vision-wear company, Lensabl, has initiated a $50 million legal malpractice lawsuit against the law firm Ashurst Perkins Coie. The suit, filed recently, alleges that the firm failed to perform necessary due diligence concerning a proposed transaction.
Lensabl asserts that Ashurst Perkins Coie did not adequately verify the financial capacity of Robert Byrnes and his companies to acquire a 49% stake for $29 million. Consequently, the buyers were unable to provide the initial $4.3 million payment. This failure resulted in Lensabl entering a distressed asset sale in 2024.
The lawsuit further claims that the law firm neglected fundamental checks, such as requesting financial statements or securing lender commitments. The firm charged Lensabl over $400,000 in fees for its services during the ultimately unsuccessful transaction. Lensabl is seeking over $50 million in damages.
