- Court
- U.S. District Court, Northern District of California
- Docket
- 5:25-cv-05971
- Parties
- Jason King (derivatively on behalf of Reddit, Inc.) v. Steve Huffman, Drew Vollero, Jen Wong and the Reddit board (Reddit, Inc. as nominal defendant)
- Claim type
- securities
- Filed
- 2025-07-15
Summary
A shareholder derivative action piggy-backing on the Tamraz securities theory. King alleges Reddit's board and senior executives breached fiduciary duties by allowing the company to mislead investors about the impact of Google Search algorithm changes and AI Overviews on Reddit traffic, seeking governance reforms and damages payable to Reddit. Reddit's FY2025 10-K references multiple derivative complaints; the exact docket number rests primarily on Bloomberg Law's report.