8legs: Fargo, north dakota, usa

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One Bison basketball great suing another in fraud dispute over sports app

Woodside and Kvalvog filed a federal securities lawsuit accusing Brady Lipp and others of misrepresenting Rah Rah to obtain investment.
The suit claims Woodside and Kvalvog invested $500,000 each for about 11.9% interests in Rah Rah.
The complaint alleges Rah Rah spent funds on executives and preexisting or new expenses rather than developing the app.
Lipp allegedly discussed securing capital with FINRA and time commitments while implying approval from Great Point Capital.
Rah Rah reportedly lacked paying customers and a viable revenue model according to the suit.
GPC's FINRA involvement is cited as a background element in the fundraising controversy.
The Forum reported Woodside previously testified in a different case involving Kvalvog's sons.
Rah Rah aimed to connect youth programs with supporters but later ceased operations.
The lawsuit seeks recission and various securities-law relief against named defendants.
The case underscores tensions between athletes-turned-investors and startup fundraising claims in the Midwest.

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