Pop star Selena Gomez is being accused of fraud by investors who claim she failed to deliver on promises to leverage her global celebrity and social-media following to promote her mental-health startup, which collapsed last year.<\/p>\n
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The startup, Wondermind Global Inc., claimed a valuation of $95 million when it sought money from investors in 2022 to develop products, including a mobile app, according to a\u00a0lawsuit\u00a0filed Thursday in Delaware federal court. Gomez, one of the founders, served as \u201cchief impact officer\u201d and head of marketing, the suit said.<\/p>\n
But Wondermind lied about its prospects, and never developed the products or revenue it had promised, according to the suit filed by five investors. Gomez ignored her contractual obligations to the company in part because of her \u201clong-running personal struggles with her mother,\u201d Mandy Teefey, who was a co-founder and co-chief executive officer, the investors claim.<\/p>\n
\u201cThe initiatives never materialized,\u201d lawyers for the investors wrote in the complaint. \u201cThe app was never built. And for three years, while the company quietly collapsed around them, not one of its founders, officers, or directors said a word to the investors.\u201d<\/p>\n
Gomez started Wondermind in 2021 with her mother and Daniella Pierson, the founder of pop culture newsletter Newsette. It purported to capitalize on the public fascination with mindfulness, focusing on \u201cmental fitness\u201d by promoting routines to maintain mental health similar to the way people use gyms to stay physically fit.<\/p>\n
Gomez, Teefey and Pierson, who were all named as defendants in the suit, didn\u2019t immediately respond to emails seeking comment. An email to Wondermind wasn\u2019t immediately returned. \u00a0<\/p>\n
In an early-stage financing round in 2022, the company raised $5 million from the likes of tennis icon Serena Williams\u2019s venture fund, top-tier venture firms Lightspeed Venture Partners and Sequoia Capital. That round included $1.2 million invested by the five individuals who filed the suit, including former Allergan CEO Brent Saunders.\u00a0<\/p>\n
Read More:\u00a0Selena Gomez\u2019s Mental Health Startup Gets $100 Million Valuation<\/p>\n
The investors were lured by the promise that Wondermind would leverage an audience of more than 500 million people through Gomez\u2019s social media channels, according to the lawsuit.<\/p>\n
\u201cPlaintiffs understood that Wondermind\u2019s value as a nascent company lay largely in Gomez\u2019s involvement, including her ability to market the company to a pre-existing, substantial, and loyal follower base,\u201d the investors said in the complaint.\u00a0<\/p>\n
The company falsely represented that it had secured institutional employer partnerships with JPMorgan Chase & Co. and Fidelity and had started a number of \u201crevenue-generation initiatives, including advertising deals, celebrity cover stories, and a groundbreaking app,\u201d according to the lawsuit.\u00a0<\/p>\n
The investors said they were alerted to the company\u2019s financial distress by a September 2025 article published in The Cut. The article detailed \u201cGomez\u2019s abject dereliction of her duties to the company and, indeed, her active efforts to distance herself from it,\u201d according to the complaint.<\/p>\n
The plaintiffs accused the defendants of concealing the \u201ccompany\u2019s operating, financial and management issues,\u201d adding that they were only minority investors with \u201climited information rights.\u201d The investors are now seeking to recoup their investments in bringing the lawsuit.\u00a0<\/p>\n<\/div>\n
#Selena #Gomez #accused #fraud #mentalhealth #startup #investors<\/p>\n","protected":false},"excerpt":{"rendered":"
Pop star Selena Gomez is being… <\/p>\n","protected":false},"author":1,"featured_media":2539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2566,719,4880,92,2786,4881,4879,892],"class_list":["post-2538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-accused","tag-fraud","tag-gomez","tag-investors","tag-mental-health","tag-mentalhealth","tag-selena","tag-startup"],"yoast_head":"\n
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