Former OSOM executive sues company, claims CEO used finances for personal use

OSOM, the company formed by former employees of Essential Inc., is in the news, not for a new product but for a lawsuit filed against it by a former executive of the company. The lawsuit was filed by Mary Ross, OSOM's former Chief Privacy Officer, who worked for the company between 2021 and May 2024.

In the lawsuit, which was filed on August 30, 2024 in the Court of Chancery of the State of Delaware, the former executive asked the court to compel the company (OSOM Products Inc.) to provide access to its financial records. This is said to be in a bid to prove that OSOM's finances have been mismanaged by the CEO, Jason Keats.

The allegations listed in the lawsuit state that Mr. Keats had used company funds to buy two Lamborghini cars, fund his racing pastime, pay his racing partner's salary, pay his mortgage, and also pay for multiple first-class tickets among others. It has also been reported that the lawsuit hints that the company's former Head of Finance may have resigned due to these financial practices.

OSOM has only released two products so far. The first is the Solana Saga, a $1,000 smartphone that was originally known as the OSOM OV1, released in partnership with Solana Mobile, a subsidiary of Solana Labs.

There's also the OSOM Privacy Cable, a USB-C to USB-C/USB-A cable (available on Amazon for $29.99) with a switch that can protect a user's data from being accessed whenthey plug their phone into a public outlet. By flicking the switch on the cable, USB data transfer is disabled but the phone can still draw power for charging.

While it hasn't released any product since then, Android Authority reports that the company wanted to launch a follow-up to the Solana Saga but that deal not only fell through, but the company's smartphone run might actually be over. The source also mentions the CEO allegedly wanted to make an AI-powered camera but there's been no news of that.

According to information gotten from the lawsuit, OSOM might be in a financial mess. While the CEO hasn't released any info, a company spokesperson released a statement that called the allegations by the former employee ''outlandish'' and that they plan to disprove them in court.

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