Solmate, a Solana treasury company that says it holds approximately 1.2 million SOL, has filed a lawsuit in Delaware accusing RockawayX CEO and Managing Partner Viktor Fischer of fraud and intentional misrepresentation related to a proposed $200 million transaction.
In a detailed X thread on Wednesday, the company alleges that Fischer attempted to engineer a deal that would have resulted in Solmate acquiring RockawayX at a valuation based on misleading financial information. According to Solmate, its board ultimately rejected the proposal after conducting due diligence and subsequently initiated legal action.
Solmate alleges misleading financial information
In a public statement, Solmate said it is defending itself against what it described as a “fraudulent campaign” by Fischer aimed at exploiting the company and its assets for personal gain.
According to Solmate, RockawayX raised approximately $50 million from investors and invested in the company before proposing a transaction that would have valued Fischer’s firm at roughly $200 million, a valuation based on misleading financial statements provided to Brera Holdings PLC. Solmate alleges that its board uncovered those issues during the review process and decided not to proceed with the acquisition.
Fraud and misrepresentation claims head to Delaware court
The lawsuit reportedly alleges fraud and intentional misrepresentation by Fischer and RockawayX in connection with the proposed deal.
Solmate stated that rejecting the transaction was necessary to protect shareholders and corporate assets. The company further claims that the dispute has evolved into a broader campaign that has negatively affected market perception and contributed to a discount in its valuation.
At the time of publication, the allegations remain claims made by Solmate in connection with the pending litigation, and no court has ruled on the merits of the case. The CryptoTimes Team reached out to RockawayX for the official comment on the allegations made by Solmate, but hasn’t received any response yet.
Company says shareholder protection remains priority
In its statement, Solmate emphasized that its primary objective is safeguarding shareholder interests and ensuring that company resources are used to create long-term value.
The company said it intends to pursue all available legal remedies related to what it believes was damage to its reputation and shareholder value. Management also stated that business operations remain unchanged despite the legal dispute and that the company continues to execute its broader strategy.
RockawayX allegations remain unproven as litigation begins
The dispute highlights the governance and disclosure issues that can arise when strategic investors pursue larger corporate transactions within the digital asset sector. While the case is still in its early stages, the outcome could provide greater clarity on the responsibilities of investors, executives, and boards when negotiating acquisitions involving crypto-focused companies and treasury businesses.
For now, the conflict centers on Solmate’s allegations that a proposed $200 million transaction was supported by misleading information and that its board acted to prevent the deal from moving forward. The Delaware court proceedings will determine how those claims are ultimately resolved.
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